SERIOUS thread about building credit - SERIOUS posters only

[calveless wonder]

every single one of your threads should start with the title "tell me how to do <this> in life"

 

[nangiggles]

Here in my areas homes are going for as little as #0-50k so this really is the time to buy but no one will lend me a penny....

 

[RottenWillow]

Well I want a credit card to build credit and buy a house to live with my husband and little ones (dogs ), for now Im stuck paying rent but would love to put that money as payments for a nice quiet house, property value is really low here now and would have loved to buy a house to take advantage and possibly sit on it and flip it or just live peacefully.... but seeing I start from 0 that aint gonna happen any time soon....

Samote's right Nan. Unless you can make a sizable down (like at least 20%) and get a great fixed interest rate, the better alternative is just to rent. Choose your landlord and the rental property as carefully as he/she chooses renters. If you pick a reliable, conscientious landlord your only expense is the rent itself and possibly renter's insurance.

I would absolutely be following my own advice and renting were my mom not an RE broker and cash cow RE investor for the last 20 years. She found me a foreclosure in '05 she bought off the courthouse steps for 50% of FMV and then extended me a 1% loan to repay her. But of course I still have all the BS headaches of home ownership, so there are times when even with a sweet deal like I got, I wish I were a renter.

 

[nangiggles]

Well since I didnt have a history or background I didnt get to "pick" were to rent, I did get a decent apt for $650 including water, sewage, hot water and trash.... just have to pay power...it's a 12 month lease but if I give a 60 day timeframe/heads up Im leaving I dont have to stay the whole 12 months... could be worse I guess....