Real Estate Investment using straw buyers Legal? - Posted by Gorgy

Posted by John Merchant on August 13, 2003 at 09:09:38:

Sounds like he’s wanting to commit a little fraud here, having somebody with good credit get the loan, then he’d silently take it over, and MAYBE make the payments.

Even if you did this, then gave him a QC deed, you’d still be on the debt, so if he disappeared, you’d be stuck on the loan. Sound good to you? Me either.

Real Estate Investment using straw buyers Legal? - Posted by Gorgy

Posted by Gorgy on August 13, 2003 at 02:54:37:

A friend approached me wanting to buy investment properties and is looking for straw buyers with good credit to use. In this deal, he proposed to offer 5K for each transaction and then each straw buyers will have to signed over a quitclaim to him. My question is, are these types of deals legal?