I'm not sure this is the right area to post, if not please move.
What is everyone's thought on this. A person approaches you to invest. They have some cash to start and have a couple thousand dollars each month to invest. However they had a bankrupsty approx 1.4years ago. Would you invest with them? If no, why? If yes, why and how would you make a deal happen? I don't think they can be on a loan for a few years because of this.
If this person has cash to invest and a couple thousand a month in extra income you might want to start questioning where this money is coming from if they can't get a mortgage on their own. You need to offer more details if you want advice.
Yes, only if I had complete control. They give me their money to invest and I do whatever I believe to be in their best interest and come up with an agreement on when and how we each get paid. If they want control, probably not.
They have a good/great job. Also note that the bills they have are very low. I looked into bankruptcy a bit. You can get FHA loans from 1-2yrs, convention in 4yrs for a personal residents, 7yrs convention for investmenting. I don't know what commerical loans are like, can't find solid information on it yet.
Bankruptcy is the economic "reset button". Most lenders, after a short seasoning period, treat those coming out of bankruptcy better than those with good credit.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing