well. i’m almost 20. and in 2 years all my friends will graduate college and start their lives. i however, work in construction, and am going no where fast. i want to do real estate. but everyone i know says the markets so slow right now its horrible time to do it.
i want to use private money and let someone use a self directed ira to fund a deal. buy the house through a shortsale, create 20percent equity, and then the loan is secured by the 20% so that the loaner won’t get screwed if i mess up.
if that option doesn’t seem to work i’ve got a 641 credit score. i want a 100% ltv, with 6 months payments built in, plus whatever rehab costs i’ll need. i want to have a house ready to sell when tax season is over and everyone gets those nice checks that makes them want to buy a house.
the thing is is i don’t know how get my financing setup. i know the market is horrible so a short sale would work great right now. but i think i need to get prequalified?
what should i do?
i’d prefer specifics. contact these people. look at this site. not generic help.
thanks
bj