Using My Credit To Buy Houses..
There are some people that tell me that they could use my credit to buy houses and that they would pay me some money t do so?
has anybody done that before and how did you do?
or use my credit to buy houses , repair them and then selling them wholesale to other investors
Ks31man
This happens all the time. Just be sure before sticking your neck out the fellow investor knows what they are doing ask to see what other projects they have dealt with.
[addsig]
John, how is this poster's situation different than that of the straw man in "your" article?
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=635
I think the point is that while it is possible to go into a partnership to use your credit to buy houses (i've even done it with investor partners) you should know the person you are investing with under these circumstances very well. This is an extreemly common scam method as well.
Quote:
On 2004-12-05 09:54, commercialking wrote:
John, how is this poster's situation different than that of the straw man in "your" article?
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=635
I think the point is that while it is possible to go into a partnership to use your credit to buy houses (i've even done it with investor partners) you should know the person you are investing with under these circumstances very well. This is an extreemly common scam method as well.
commercialking
Common since needs to prevail in every investing strategy, the article posted was on the illegal side of this transaction.
The poster made no indications of doing anything illegal at this point.
You should have been able to figure this one out your self!
[addsig]
Well, John, I guess my concern was the vagueness of the poster's "some people". Most of the cases I have come across of this scam seem to be run by people who are unknown to the straw man. Often they seem to be companies who are spending pretty good bucks to look respectable, offices, brochures, etc. I have no reason to believe that the poster is running the scam, more likely he's the victom. That is why it seemed important to point out the risk.
ever think of using your credit to buy your own properties?
Quote:
Well, John, I guess my concern was the vagueness of the poster's "some people". Most of the cases I have come across of this scam seem to be run by people who are unknown to the straw man.
The poster did not indicate that the people are unknown to them - the poster simple stated "There are some people that tell me". This gives no indication at this point that someone approached the post with any illegal scheme.
Quote:
Often they seem to be companies who are spending pretty good bucks to look respectable, offices, brochures, etc.
I do agree with this fact as so many get fooled because of the flash of an office, brochures, fancy web sites and so on make them a legit company as any one should investigate before putting ones hard earned money out.
Quote:
I have no reason to believe that the poster is running the scam, more likely he's the victim. That is why it seemed important to point out the risk.
The poster at this point did not indicate that they pertispated in this investment program so they hopefully have not hit the victim stage at this point.
I use private investors credit value all the time and what I meant by this statement before it get discredited is the simple fact they use their credit to get funding to back my deals and they take a secured interest in the property by mortgage position.
For me anything short of this could cause one to become a victim of some investing scam.
Ks31man do be vary careful with this as you may get your self in one heck of a hornets nest and as commercialking has relayed caution should be on your side. If commercialking has been in Chicago for any time he has seen his fair share of real estate scams as they seem to start in major metropolis areas and spread throughout the country before they get stopped.
This may be a great deal but investigate and than reinvestigate to be sure this will be a wise direction for you to go and above all trust any caution that you may be filling about this!
Good luck and let us know how it all turns out!
[addsig]
thank you, I will keep all that in mind.
yes, it is true, if a deal sounds too good, maybe it is.