Best Method Of Getting Money
I own a house in South Florida, I bought it through inheritance money ($300K cash). My family did not want me to have a mortgage. I filed for a bankrupcy 2 and a half years ago, and have really smelly credit. What is the best method for me to tap into the equity in my home to invest in RE? I would also like to clean my credit. Any suggestions would be appreciated. Thanx
Smelly :-D
Hi, welcome to the forum.
Your last sentence read, "Any suggestions would be appreciated", so here goes.
You don't say why your credit is bad, or why you filed for bankruptcy, or why your family didn't think you should have a mortgage.
What are your money skills, are you disciplined? patient?
Why do you want to invest, and what is your experience and knowledge in investing? Do you have short term and long term goals?
You don't need to post any answers, but I think it is very, very important that you consider these questions and their answers before you do anything.
I'm taking your post at face value, assuming you don't have any knowlege, experience, or savings. If that is NOT the case, I apologize for any offense.
Good luck , and you're on the right track by reading and asking questions!
I agree. You have to address the issues first. As for getting out the equity in your home, we do loans all day for 70% LTV with scores as low as 500. I suggest you pull your credit from a consumer site like ****Must Reach Freshman Investor status before posting URL's*** to determine what the bureaus are reporting. You may find it not as bad as you think. Good luck