Buying or Selling a Home/Advice

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Expert: - 9/13/2011


Question
Hello,

I am trying to get back into the real estate investing field.  I have a partner who has excellent credit (850 scores or higher) and I wanted to know if you had any advice as far as any strategies on how we can use his credit.

Answer
Hello Rashad,
You say that you are "trying to get back into the real estate investing field".  This would indicate that you had done it before?  If you have done it before, what was your experience?  Why are you "trying to get back"?  I'm afraid I don't understand what it is you want.  As far as utilizing his credit goes, things are not as they were before.  Probably the best thing would be to develop a business plan on paper and take it to a couple of different mortgage lenders and see who would want to work with you and on what terms.  I don't know if you are trying to rehab or want to build on rental properties or what you have in mind.  I can tell you that most lenders are far more stringent than they were in the past. Perhaps you would be better off working with an investor lender rather than a traditional lender.  I hope this gives you some ideas.

Buying or Selling a Home

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Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO

Expertise

A lot of people who want to move to the mountains don't really realize what it might involve. For instance, here in North Georgia, if you want a mountain view, you may have to drive up very steep roads. Will you have well water (That's usually good!)? Do you speak septic tanks? Have you considered that if you want really want to get away from it all, you'll do it on a gravel road? What's difference between a Log home and a Log Sided home? How can I tell? Who takes care of the house when you're not there? Where can you stay to check it out? This is a very popular area for second homes and investment properties or when you finally decide to get way from it all, I can find your perfect property. I can answer questions on North Georgia Mountain living, housing, land, amenities, and activities. We handle a lot of foreclosed properties in our office so I have become a Certified REO Specialist. REO means Real Estate Owned and is the industry name for a Foreclosure. It refers to "owned by a bank or other corporate entity". If it involves an area of expertise I don't have, I can probably tell you what kind of an expert you do need.

Experience

We've had property in the Ellijay area for over 10 years. My husband, who is a Civil Engineer and Appraiser, and I built our own log home. We researched log homes and North Georgia for three years before choosing Ellijay. Because of the building experience and being married to an engineer/appraiser, my real estate experience is a bit more extensive than average. I also am an education freak believing that the more you know, the better off you are. My husband and I both like photography, so we drive and hike all over the mountains looking for pictures.

Education/Credentials
MHA, CMA, Licensed Realtor, Associate Broker, e-PRO, GRI, Certified REO Specialist. Realtors are required to have 24 hours of continuing education every 4 years. In the last three years, I have 180 hours so far!

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