existing debt - Posted by Amy

Posted by Rafael on July 08, 2003 at 18:06:15:

Ohhnmmm, thats a good question. Im in similar situation now and I will be closing on a property soon. However, this is my first investment and the lender was flexible.

You mention previews investment and a bebt. My wife is a morgage broker and have many RE people connection.

***I can asker but she will need to know
how much do u owe?
whats ur net income and equidy?
how long u had this property?
and if anyone in the family has a steady job?

We just had a baby :-D. I had almost $20k in credit cards debt only and never mind the college loans and we did it. you may too.


existing debt - Posted by Amy

Posted by Amy on July 06, 2003 at 12:10:33:


My husband and myself fell away from from what we had learned about real estate investing. We have been nothing less that stupid and aqquired a great deal of credit card debt. The FICO is still “respectable”, but barely. However we would like to buckle down and get back to what we’ve learned and start acquiring some passive income. Can we do it will in such debt? or do we need to dig out first? It will probably take a good 1-2 years to dig out.

Amy Herring