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Wants to Invest |
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My friend has a condo that is paid for and he wants to sell, I have my own condo that I am still paying however how can i buy his condo with no money down and my credit is fair? Is there something that i can do to make my first realestate investment? I have read so much on different ways of creative financing with no money down but I still have difficulties understanding, please help. |
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Even for qualified investors with down payments, it's getting more difficult to find money for non-owner-occupied property these days. Lenders are being much more careful about who they give money to with the current mortgage crisis. I don't know of any way you can buy your friend's condo, unless your friend is willing to give you a mortgage and wait to collect his or her money over a period of years. And take a chance on you even though your credit is only fair.
Don't get too excited about what you hear on TV. Trust me -- you can't do it. |
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Edith
Originally published on November 8, 2007 |
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