realesinvest 0 Report post Posted April 13, 2009 I have a credit partner in mind. He's actually my brother. My credit is pretty good for my age like 730's but i don't have the income. (in college). My brother has the income and credit score. I;m looking to put together a proposal to have him take a look at. I know I need to explain to him how I would use his credit. But my question is what kind of return should i offer him for using his credit? What is the down side and good side of having multipule mortgages under one or two names? Him and I are going to be on the title and possibley mortgage?? I just need him to show income to get approve for financing. Jarci Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 13, 2009 Hello, Jarci, and welcome to The Naked Investor.My first bit of advice is to be careful when mixing family/friends and money. I've seen more than one example when this volatile mix has caused problems in a previously good relationship. So enter these waters carefully.That said, no need to parse words with your brother. Tell him what you want, what you're trying to accomplish, what your plans are, etc. He may be more interested and enthusiastic than you think about the idea. Perhaps even be a willing partner. Do whatever is necessary to gain some experience and get that first deal or two done. Share this post Link to post Share on other sites
realesinvest 0 Report post Posted May 14, 2009 Hello, Jarci, and welcome to The Naked Investor.My first bit of advice is to be careful when mixing family/friends and money. I've seen more than one example when this volatile mix has caused problems in a previously good relationship. So enter these waters carefully.That said, no need to parse words with your brother. Tell him what you want, what you're trying to accomplish, what your plans are, etc. He may be more interested and enthusiastic than you think about the idea. Perhaps even be a willing partner. Do whatever is necessary to gain some experience and get that first deal or two done. Thanx Micheal I decided that I was going to look for HML if anything I would ask my brother for a few thousand for a downpayment! Do you know any HML that sever in Florida Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 15, 2009 Thanx Micheal I decided that I was going to look for HML if anything I would ask my brother for a few thousand for a downpayment! Do you know any HML that sever in FloridaSorry to say that I don't know any HML's because I never use hard money. 15% and 6 points or whatever the heck they are asking these days? No, thank you. Share this post Link to post Share on other sites
realesinvest 0 Report post Posted May 20, 2009 Thanx Micheal I decided that I was going to look for HML if anything I would ask my brother for a few thousand for a downpayment! Do you know any HML that sever in FloridaSorry to say that I don't know any HML's because I never use hard money. 15% and 6 points or whatever the heck they are asking these days? No, thank you. LOL I understand. You use your own funds for deals???????? SOme HML are not that high. A friend my mine found one at 12% and 3 points no payments for 3 months however she had to put some money into the deal like 10% Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 20, 2009 Conventional financing, private money, or deals that don't require any cash out of pocket, like some type of lease purchase that we always talk about here. Where there's a will, there's a way. Share this post Link to post Share on other sites