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