There are at least 4 people living in the current house and although they said they had excellent credit--one has 7 R9's and is behind on other debt.

Started networking and brought in credit partners to buy homes.

One of the great things about having an LLC is that the mortgage will not go against your credit or debt to income ratio on a personal level.rdinvestor

Full doc - good income, good credit, low debt.Where can I find the best terms?

Possible 1st rehab deal...Single family in Orange, NJARV: 220,000REPAIRS: 25,000OFFER: 130,000Will use hard money: 16% & 7 points [my credit is shot].

I have no debt and a decent but not great credit rating.My income is quite small as I am an artist.Any ideas...Thanks!

My credit score is low and I have no money.

I have purchased a couple of HUD homes in the past, if you really want it just bid the asking price with a credit for closing costs.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

I currently have no debt, about 300,000 savings, a decent but not excellent credit rating, and this would be the very first real estate investment I make.Thank you.