Posted by John on March 18, 2001 at 24:19:41:
I don’t have an answer for you, but I can give you a little food for thought.
Having worked in construction for 20 some years I decided to do some rehabbing. I bought one house, rebuilt it, bought another and rebuilt it. Both houses were done with none of my money (just a fortunate circumstance for me).
I have not had verifiable income for years. If someone were to ask me my annual income I would have to say zero (cuz I ain’t tellin’).
I went to mortgage both of the properties. With no job, no verifiable income, nadda, zip, the bank paid out to me just under 90K if I kept my wife out of things. Seems her credit was worse than mine because of student loans, ect…
Moral of the story would be if you can do it on your own, I’d hesitate with starting paper trails that would have a blemish on them.