Investment Scam?

General Real Estate Investing
1

I have no experience in real estate investment, but am looking for an answer to what is possibly a very stupid question.

Is it possible just to use someone else’s credit score to buy real estate without signing them to the loan?

Last weekend, someone called my boyfriend and me, telling us that she had a friend, who would give us $1000-2000, if we had a credit score of 650 or above. All he would need is our credit score. It sounded strange, so we declined. She’s always looking for some get rich quick scheme without know what is really going on. However, she insists that it is legit. I just don’t see how someone can use my credit, without my credit being affected.

Has anyone heard of this? Is there some legal aspect to it? ???

2

They may be looking to get you to pre-qualify for a loan so they can show proof of funds to do certain kind of deals. Anything more than that I’d run away from.

3

once you hit about 12 properties on ur credit it becomes difficult to get more houses.

if the investor can show adequate proof of funds(like $100k in the bank) and is willing to put u on title it might be a good deal.

You could get $500 upfront, $50/mo and about $5k in 2 yrs when they sell the property. if you did 4 deals u’d make 2k upfront, 200/mo and 20k in 2 yrs.

the risks are that the investor doesnt have a clue what he’s doing and goes under screwing your credit in the process.