How To Clean Up Your Credit Report To Buy Real Estate

If your thinking about buying a house some where in the future, there’s plenty of paperwork to do beforehand. You can do it yourself with the tips in this report. Even if your not buying a house, updating your credit report is a must at least every six months.However, if your planning to invest in real estate, every three months is much better. Not only is it important to be able to borrow money to buy houses, it’s just as important for lenders to see how well you pay your loans on time.If your outlook is to purchase multiple properties, a strong credit report goes hand in hand with the funds you’ll need to purchase homes. They look at income, credit scores, personal history, debt-to-income, down payment and employment.With good credit scores you can actually have renters paying your mortgages down. It’s within your power to orchestrate your real estate empire. In your vision, see the building and growing of one house after another, year after year. First with one house then three, then six then twelve. You can do this! It’s as simple as cleaning up your credit report.There’s one important thing to know. There’s a difference between your credit score for an automobile and your score for being able to purchase real estate. It’s best to keep your credit score as high as possible, because of the interest rate. Over a thirty year period the difference between a six per cent loan and ten percent loan can be a couple hundred thousand dollars! As you can see just a few points can make all the difference in the world. That’s where the magic happens.Another thing to keep in mind, your cash flow off your rent houses may only be two to four hundred dollars a months. That’s per house. So, the goal is build as many of those critters as you can! I call them oil wells. Every house you buy is just another oil pumping money tree! You want as many houses as possible. It becomes a game.A fun game of building houses. I’ve seen guys and gals within a few years having seventeen houses, then another guy he had sixty-four houses. Once you get a hundred houses then trade them in for a large apartment complex. If that isn’t a plan then I don’t know what is! Hold the vision to the promise land! Buy real estate, clean up your credit report, is one more oil well to put cash in your pocket!One secret thing to know is to get an adjustable–rate loan. Then work on improving your credit scores to refinance the mortgage before your payments increase. What do you think about that?You want to stay put if your still employed in the beginning of this house building system. Just keep in mind that your day job pays the bills, but your house building venture is growing you a fortune! It doesn’t take long. With some smart stacking of houses within as little of five years your could very well replace your day job income. Congratulations on reading the “Buy Real Estate, Clean Up Your Credit Report, is One More Oil Well House Building Plan!”

REO – A Great Way To Buy Real Estate At Below Market Value

REO properties are one of the best ways to buy real estate at below market value. REO means real estate owned by a bank. When the owner of a property does not pay their mortgage the bank that holds the mortgage sends a notice to the owner of the property. This notice lets the owner of the property know that the property is delinquent. Delinquent means all the payments are not up to date. If a property stays delinquent for a significant amount of time, which can be from one to a couple of months; the bank will take possession of the property.This time can vary from state to state. The process of the bank taking possession of a property
is known as foreclosure. A foreclosure property is put up for sale in an auction known as a Public Sale. If the property does not sell or is selling for too low the bank will bid on it and keep possession of the property. After a property goes through this complex process it becomes a REO property. You can buy these REO properties from the bank. Since banks hate holding properties because they are responsible for the taxes, they will be more than happy to sell a REO property to you.Most banks have a list of their REO properties, if you ask they will show or give you their list to look over. When it comes to buying REO properties do your homework, see how much work you will have to do to the property to bring it up to good standards. One last thing when it comes to REO properties is remembering that the bank does not want these properties, in this case you can usually get the bank to sell it for less than the first price they tell you. Buying a REO does take a bit more work but it will payoff in the long run.