Buying a foreclosed home at 18?
I have 18 years and am interested in buying a foreclosed home. Both my parents are the "solution and flip "method, a lifetime. In general, buying foreclosed homes, fix them and sell them for much more. The Off-Campus Housing at school I'm going to attend Denver is $ 700 per month. I have a friend who is 24 and pays $ 490 per month on your mortgage, because buying a foreclosed home outside the university. The problem is that I have my credit card for the first time two months ago and have no accumulated credit. I think it's crazy for me to pay "rent" of $ 700 per month, while I could buy a house for less than that. Suggestions? Is it even possible to do this or should I wait until they build a little more credit? Those of you property addicts out there, or college kids who have done the same thing, help me! – Thanks Mallory
If you have no credit history you will probably need a co-signer on the loan. Normally, a parent. You buy the house and make payments, but if you stop paying the bank could go after the cosigner. With no history work or credit that can be your only focus. You can try to get pre-approved for a loan. This should not cost the lender will tell you exactly you need to do to qualify.
How to Fix and Flip in Denver
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