Hi @Cliff Bailey ,
I personally would be scared to do this.
Fools and their money part ways rather quickly. There are 100's of scenarios there someone will load your credit and in exchange for some cash you will end up with large debit / worthless asset. Look up mortgage fraught in 2005-2008. In case i am not crystal clear: don't walk away, run away.
straw buyers very illegal FBI investigate these type of frauds
@Cliff Bailey ,This has scam written all over it. And if it is legit there is a truism in life that says that credit gets ruined for a reason. And the law that follows is never invest with someone whos credit is worse than yours.
Makes sense everyone... pretty much just what I was thinking. Thank you all!
Hello Cliff Bailey,
Your concern for being offered to become a "credit partner" is warranted. If you listen, however, to these folk that do not understand what is really being offered to you. While it is true there are scammers offering anything to get you to part with your hard earned savings. There are also real and legitimate people that are serious and want to create a partnership with someone that has a good personal credit history. I am in an agreement with many that warn you to stay away if you're not certain of any offer. However, I think before you trash ALL offers that you find out a little more first.
I'm offering a similar proposal. But before you run off with uncertainty, let me explain. I am seeking a partner with the following strengths to partner with in real estate investing. Instead of putting an investment title in your name, regardless of your relation to the business. The property should never go in the partner's name but bought and placed in and LLC, where you and I own the LLC together. You having the credit strength to obtain a line of credit, I own the business, you join as a partner. Now you are part owner of the business. Do you feel a lot more secured becoming a credit partner now? Please see the following to qualify for a partnership with my company:
- 720 credit score
- 30% debt-to-credit ratio
- No bankruptcies
- No foreclosures
- No missing payments in the past 24 months
- 1+ major credit card with a $5k max limit
- 10 year personal credit history