Bad credit real estate questions?
Modular Home Questions November 28th, 2009My husband and myself have bad credit. We recently bought 20 acres on owner contract and would like to eventually put a house on it. We thought we could save the cash and build a log home but after helping my dad build his log house we are deciding we would probably rather just buy a triple wide modular or such. We also have not been so successful yet at saving (we built a huge shop with an apartment). Now we think we would like to somehow finance a triple or such. What kind of options do we have. Any advisors out there have any advice for a starting point. Thanks.
November 28th, 2009 at 6:09 pm
Begin by rebuilding your credit. The consider all the options you would have. You can’t get to z until you start with A.
November 28th, 2009 at 6:09 pm
I would focus on building the business where your apartment is located over the next five years. You have credit issues. It is important, I think , to make a substantial down payment on any home purchase. Credit it the American way because people let it be the way. I am trying to offer a different but constructive approach for you and your spouse. Learn to hate the word credit. Sacrifice to gain what you want.
November 28th, 2009 at 6:09 pm
Try to save as much as you can, but basically if you currently own a huge shop with an apartment, take out a Line of Credit or second mortgage on that property to purchase your other house. You’ve already put your money into the shop/apartment, so assuming you don’t want to just sell that to be able to purchase the modular house, at least you can use what you were able to save and accomplish to buy the other house.
Good luck.