Posted by CHASTEV on August 09, 2003 at 09:50:06:
I have a few glitches on my credit so I am using my girlfriends. She is in college and just recently started getting credit card–a few. We went to a mortgage broker and told him she (we) earned about 1200 per month. She was OKed for 55,000. We will buy a rental for 50000. I will go on the dead so I will get the equity but not the good credit; since I am not on the loan.
We live in Ga, so there are a scholorship, plus pel grants for her to go to school, plus extra. Also 3% student loans.
The most solid advise we keep getting is to buy a house, build some equity and a line of credit, then branch out to the next house, then the next.
Since we are both in a postion with no rent or mortgage for ourselves, we are going with a rental that is already being rented