Just given a house...what do I do!

My family wants to get started in real estate. My mother owns her home…just paid off the mortgage. It is in need of a lot of work; foundation shifted, new roof, basement waterproofing, update electric, and new plumbing. She is near retirement and does not want to take on such a project. As a matter of fact, she wants to move out, but she can’t sell her home in that condition.

I viewed this as an opportunity. :shocked I pitched the idea that she should put me on the title and allow me to do a cash out refinance on the house. However, I have poor credit, and due to the economy, I’ve just recently been laid off.

My problem is this; do I start an LLC and try to get financing under the business name (and find someone to co-sign), or do I simply try to get it under my own name?

Will banks finance the loan if I have someone with excellent credit co-sign? :help

The worst time to start a business is when you need the money from that business. Real estate is a business. You mother doesn’t want to go into the real estate business but she wants to help you because she loves you. What you should do is get a job. You need to make sure you are financially stable before you start this business.

The late night real estate infomercials talk about being broke with no money being a good starting point to start a real estate business. Although you may be able to start the business that business will be very unstable. You need a job and stable finances first.