do you reflect on its a correct model to buy a home contained by phoenix presently or loaf till subsequent year?
Question:
heard prices within are gonna go down.
Answer:
probably not a angelic market for the subsequent 5 years. try NC
There's plenty of speculation everhwere, but despite that, the sales hold simply slowed- not dropped dramatically.
I wouldn't wait-- but i WOULD lowball the seller and try and attain a little sour the asking price so you have woggle room. :-)
What is the fastest opening to achieve your credit mark up.?
Question:
My credit score is going on for 580 need it complex quick trying to go and get home loan that wont screw me over
Answer:
Pay bills on time and recompense off revolving credit accounts.
Clean up adjectives your debts and loans.
pay adjectives your bills on time,, next pay adjectives your debts off sooner than want be,, then don't help yourself to on any new debt for awhile
Get a copy of your most recent Credit Report from respectively of the three reporting agencies. Go over each alertly to make sure within are no errors on it. You may be surprised to find that not all three contain indistinguishable information! Your credit score is a combination of the average rating of adjectives three agencies.
If you find anything that is elder than 7 years or has be paid stale but doesn't reflect it or that is to say not your debt, you can write to all THREE of the Credit Reporting agencies and dispute the debt. Once you dispute a debt, the Credit Reporting agency have to write to that Company to verify the accuracy of your claim. If that Company does not respond in 30 days, the credit reporting agency must remove it from your Credit Report. When you write to them disputing the debt, be sure to politely request a copy of your updated Credit Report as soon as it is available.
If you've defaulted on credit cards contained by the past, for instance, and that credit card debt have been bought and sold to collection agencies over and over (which is what they do), trade name reference to those companies and state "I never have a contractual obligation beside John Brown Company and I request that this item be removed from my Credit Report." Credit card companies 'bundle' their bad debts and trade them to various companies, after that company files against your credit report. After a while John Brown Company will 'bundle' a batch that they've not be able to collect and go them to Jane Smith Company and it starts over again. It is not unusual to see that one defaulted credit card duty ends up having up to 6 or 7 supplementary claims filed against your Credit Report and this significantly lowers your rack up.
Remember, too, that anytime someone makes an inquiry roughly your credit, you lose points just for the inquiry. So, don't apply for any credit cards, etc.
Have you checked beside a lender about an FHA loan? They will relatively often adopt a 580 score for a home purchase. VA, if that's an choice for you, will also typically accept a 580 ranking.
In the meantime, do as the second answerer said and make sure adjectives your obligations are remunerated on time or even early than due. If you have some small balance on cards or loans hanging out within that you can scrape together ample money to pay them stale, do that, too.
Most importantly, never take direction you've received from strangers over the Internet as the correct answer! There are some companies that can clean up your Credit Report for you for as little as $300 or $400. If you dance this route, ask your lender if they can recommend the best ones or, at the very most minuscule, check with the Better Business Bureau to ensure that the Company you are going near is legitimate and contained by good standing beside the BBB.
Good luck! =)
IN RESPONSE TO ADD'L DETAILS: It should update as soon as the three Credit Reporting Agencies correct and update your credit report. That's why you want to ask them to send you a copy of your corrected report.
As a concern of fact, when you distribute in your communiqu¨¦ outlining each item i.e. wrong and needs to be corrected, you should probably ask contained by that letter what it will cost for you to make a purchase of your revised Credit Score. The corrections they'll do for no charge, but i seem to hark back to they charge you to tell you your rack up.
They're nice people if someone is nice to them! Just put on your most polite and respectful attitude when writing your communication. Remember, too, to be patient. They enjoy thousands upon thousands of people they accord with every year.
there are no tricks... reimburse all judgment, liens, collections off now. make sure adjectives other liabilities are mired and paid on the dot asap. other than that, really singular time will bring your scores up. the engine desires to see you consistently pay on the dot, OVER time...
Do you focus I should move?
Question:
I am thinking about moving from Florida to GA subsequent year...I am going to go up within January 2007 to look for a job. If I can't find a charge should I still go after file my taxes in hopes of finding a opening and residence.What do you think, should I filch that chance.
Answer:
If you move up to that time having a chore, how are you going to support yourself. It's always easier to seize a job when you hold a job, so start your opening search very soon by targeting the area(s) that you are interested contained by moving to. Once you get a employment, then plan your physical relocation.
Well, immediately is the time to do anything you want to do if you plan on getting hitched and tied down with kids.
You own to take likelihood and if Florida is where you want to be, later you should give it a try.
What's the worst that can come about?
try valdosta ga.
check out the job open market. end of the year is never a flawless time to find a job because of the 4th quarter. 1st or 2nd quarter should be better. it also depends on what subdivision of GA. City area?
I wouldn't be comfortable to move first and consequently try to find a job., especially contained by December. I think it's similar to putting the cart formerly the horse. I think you should clutch a week or two off to go and get a feel of the fine southern state, find out if jobs are available and after, depending on your findings, you should finalize your decision. Good luck to you.
Nope, GA sucks...I lived in that for 6 years...no fun. Try coming to Austin, which is totally kick ***! I'm a realtor contained by case you stipulation help finding a house! And near are good paying job here up the wazoo!
I am 20 yrs outdated and currently trying to find an apartment near my fiancee.?
Question:
My fiancee is currently having problem beside his legal status..hes conversation to a lawyer but he does not own a social security number. We want to get an apartment but i do not put together enough to sign for one. Will i be capable of get a cosigner and still carry an apartment. Between me and my fiancee we can afford an apartment but the problem is he cant sign for one because of his legal status. He is working and get paid roughly 2,000 a month and i work part time and procure paid 10 and hour. I procure paid every two weeks and i earn roughly $450 each paycheck. Can he still live beside me because i know alot of apartment want to know who lives with u. Will it thing that he doesnt have a social indemnity number? What are my chances of getting an apartment?? I am really worried
Answer:
because of identity robbery..
apartment owners are being asked by local authorities to save records of renters...
where on earth i live they are holding "landowners/landlords" accountable for who they rent to...
Rent a house. Apartments suck. If you do rent an apartment, progress straight to the landlord, not the chief, and lay a bunch of hundred dollar bills in front of him. He won't impart a damn about credit score or legal status.
you could find someone to co-sign yes and you might not own an issue. if your not able to and they turn you down base off of your income, proposal them a high deposit and to salary 2 months rent in mortgage in well-mannered faith.
bottom column: negotiate. there are places that really dont charge who live you with as long as you retribution your rent on time #2 you and that soul dont cause a problem. i wouldnt suggest you putting him anywhere on your app. if he leaves you for anything reason..your credit will tolerate the burden..
good luck next to that and be smart.
MANY PLACES RENT WITHOUT ASKING ANY QUESTIONS
Does anyone know how to dig out what local homes are selling for?
Question:
I have gone to a website formerly that tells what local homes enjoy sold for if you put in your address it will enlighten you others in the nouns that are comparable to yours. Does anyone know what website or websites those are?
Answer:
you're probably looking for http://www.zillow.com
It should show what's actually sold surrounded by your area. You can also find recent public sale data on frequent county websites in the property export tax area.
usually your local reporters do this as well. try that.
try zillow.com
the best route is to call a realtor. their info is solid time. county records contained by most staes run 3-6 months behind and zillow is catastrophic.
Gordy
gordonginsberg@edinarealty.com
I entail to sublet my apartment. How do I find someone I can trust?
Question:
I know I can post an ad on craigslist, but how do I jump about finding someone who can wages the rent, who won't mess up my stuff, who'll move out when they're supposed to? "Going with my gut" have led to errors within the past. Any thinking?
Answer:
Cathy is right about verify you can sublease as most leases I've see prohibit it.
As for finding a reliable tenant, there are no guarantees - but in attendance are a few things you can do to reduce the risk:
1. Get a credit check! Have the potential tenant find themselves and consult someone who knows how to read it if you don't.
2. Get AT LEAST three reference that are not friends or family member. Former landlords (not the present landlord) are the best, since they have no motivation to provide desperate information. A current landlord who is have a bad experience may make clear to you the applicant is good a short time ago to get rid of him.
3. Collect a deposit surrounded by certified funds. Once they're moved in, a bounced check for deposit is virtually non-recoverable. If you don't do this - you're the one holding the case if there are damages.
4. Don't check out of anything in the property you don't want misused, broken. or stolen. If you hold irreplaceable items, why would you entrust them to the care of a total stranger?
Good luck!
Unfortunatly it is terrifically hard to do by yourself. Go through agents, but cause sure you are comfortable with them as powerfully (referrals, etc)
http://www.letsgobble.com/
First you need to find out if you can sublet, Make sure it is ok near your apartment complex. If you can';t and you get cught you will own broken your lease.
The best thing to do is do deeply of reference checks. People, places that they own lived in , hail as they job. Things close to that.
Do I really requirement a legal representative when I run to do the closing paperwork to buy a home?
Question:
I am closing on a home in Austin, TX on 01/19/07. Do I really inevitability to have a legal representative there, or is it going over the top to do so? This is my first home, and I am within the dark. Thanks!
Answer:
In Texas (as opposing some other states) we use title companies. This is not to say that lawyer are not employees of the title company, but you don't own to be a lawyer to do a closing.
Make sure your Realtor have done business at the title company you are closing at.This can make things much easier.
The title company should be checking the ownership dictation to make sure nearby are not any liens or judgements against the purveyor that might keep you from haveing clear title to the property.
The purpose of title insurance is to protect you if the title company make a mistake (buy title insurance).
Your Realtor and loan officer should be with you at closing to answer any question you have.
Some closing officer at title companies are very courteous. Some are not. Make sure you have the Realtor nearby.
When everyone does their jobs properly, the process can be exceedingly smooth.
Some states require a lawyer, others do not. Check near the title company, or your realtor. If your state doesn't require it, I would skip it. Good luck!
I think you should enjoy a lawyer within as I have friends who hold gone thru buying homes without a attorney and signed all the paperwork in need reading the fine print or having a attorney there to read and after she finished, she terminated up paying double in mortgage and she could not afford it and have to forclose on her homeIt is better to have a attorney there as within are a lot of covered fees and things that may not be told to you are things you are no knowledgeable roughly speaking and may screw yourself...It is worth the investment.
If this is your first house, you absolutely have need of a lawyer to review the paperwork (your realtor should arrange this), but s/he does not call for to be physically at the closing. Make certain that your realtor is at the closing though - mortgage brokers love to slip contained by extra costs at closing that were not on the honourable faith estimate. Make guaranteed that you understand EVERYTHING that is to say on your closing costs worksheet, and do not feel confused about asking as plentiful questions as you requirement to.
Okay here is what I think
It would be perceptive to have a legal representative
to avoid liens against you. Without a lawyer and you buy the house you might be held responsible for the liens the previous owner didn't settle. Just to be on the safe side enjoy a lawyer or better still tell to one explain your situation. If this is your first home have a attorney and ask him or her.
What would u recommend...Buying a big 30-unit apartment building, or buying 3, 10-unit buildings?
Question:
In other words, do you think its better to diffuse yur complexes around or to just hold them all within one location?
And no i dont wanna invest in anything else right in a minute besides residential real estate
Answer:
buy the roomy one..
then take them converted to condo's.and sell
dutiful luck.
assuming you make millions, hire an analyst to report to you
I'd go for the big, 30-unit apt. building. That opening you only hold one building to worry around instead of three.
It depends on location(s). But I think that it would be more cost influential (to purchase and to maintenance) to buy just one.
I suggest you walk with the 3-10 element buildings, it just add variety and attracts more general public, especially if they're in different locations. It's similar to having one big supermarket contained by one place or 3 decent sized ones surrounded by 3 different places, you'll get more mixed bag and hopefully more business.
Well first of all (since I am a solid estate agent and an accountant) I would seek the evaluation of a CPA to identify which situation has a highly developed rented to vacancy ratio as ably as determine the differences in positive brass flows between the two. Meaning what's the 30 unit place rental income average smaller quantity and the cost of maintaining the property/taxes/mortgage payment= positive lolly flow, compare the two. or compare the one to the other three. Its all surrounded by the dollars not the placements of units owned. Hope I could be of help-Wendyt more question hit me up here-- http://www.findhomesforsalewithwendy.com...
If you can't make the payments on an pointless building, you shouldn't buy either.
Otherwise, a single structure is easier to get by, but also puts you at risk for a single incident impacting all of your tenant at once.
If you have that much property at hand (which you should hold at least 50% of the total cost to put down), consequently you should consider buying and selling single-family homes and not having to operation with tenant at all. Buy a cattle farm house, paint it and sell it a week subsequently for 10% more. Easy in, unforced out. That's how my brother with no large school diploma make $250,000+/yr. Any profit is profit.
I would recommend finding some hot chick down at the local night club.
contained by the biz, I suggest the one site as to three. you will be able to oversee the operation and hire upholding people who will become habituated with the property as you will too. within the long run this will yield a greater return than a smaller rental property. investors don't look at three unit it spreads to thin to frequent sites. the tenants will be more lying on things when the see management on site regularly as to newly mailing surrounded by a rent check. good luck, but get hold of involved with something you are comfortable next to.
To go for 3, 10- Unit buildings would be a clever decision. There are frequent reasons why you should not stir for 30 unit appt, & if I start to donate you those reasons, later I won't be able to answer other question pal. But I hope my suggetion help you.
first and most importantly if ur serious, its gonna be diffcult to get accurate up to date info on a free site.so dont budge an ivest jus coz it seemed logical. be that as it may to you interview (and im not smith and barney by any means),(but ill lay my paw down for you to see),always take home your decisions on the pros and cons method when free lance ,such as is the instant case 1. pro- beside one building you incur the one prop. tax- a con for the multiple units.2.pro- the muliple unit will be more cost effective to say,(yes by the time you factor traffic generated from visitation and sunshine to day use more relations in a condensed nouns will equall greater care taking). a con-.for the single section you will have to hire someone to support you or perhaps quit your duty, or if your finacially independent at the very lowest possible spend all your time near. i had a 26 element complex and i busted my @ss,luckly i sold at a good price my losses where on earth minimal. now you appropriate the ball and finish the ground work. one end piece of advice it have alot to do with location, so bring a goodservice that offers modest trust worthy background checks, and do background on all. i have 16 individual dwellings varying from truplexes to single dwelling the last item you can afford is problem tenenats the laws on their side not yours, eviction notice, and forcible enty and detainer's can tally heavily in loss revenue, court defence can be made to drag on waiting on procedures. i said all that to read aloud this," go near the three."
Do you own rental property?
Question:
Answer:
In my area near are a lot of multi-family unit. The single family houses I do Not gross a lot of money on them while I rent them but I will be selling them so I will spawn money on the sale when the buyer qualify. I rent it as a rent-to-own, so they are responsible for upkeep on the home. The multi-families do better in the long run but it is a hassle dealing beside all of the petty direction issues. I do not own any buildings. I do have a few other things but I am carrying out tests them myself so I do not know yet.
Yes, I get one single family and one a multi-family unit. Not making any money right now. The single kinfolk unit used to be my primary residence afterwards I moved to be closer to work. I break even on both properties. No major problem, not that I did not anticipate at least possible.
Where can I find a document of foreclosure properties i.e. truly free. Every enumerate I find you own to clear for?
Question:
Answer:
Those foreclosure listings you have to wage for are scams, anyway.
The best opening to find out is to go to the Courthouse of the County contained by which you live and see what is posted for foreclosure. I don't know how all States work, but surrounded by Texas the Trustee has to post distinguish for 30 days at the Courthouse that the property will be auctioned on the next auction date. The property auctions are typically conducted the first Tuesday of the month within Texas; perhaps it's alike in your State? You can acquire the address of the property from the Trustee's Notice; however, if the Notice only have a lot, block and tally description of the property, you can jot that down and your Central Appraisal District can assist you surrounded by obtaining the address of the property so you can walk have a look at it.
Check your local law because unless you have the currency on hand to bid on and purchase the foreclosed property, you will usually own to have a Letter of Approval from a mortgage lender stating that you hold been fully approved for a loan not to exceed "X" amount.
As far FHA, FNMA, VA and the resembling, contact a real estate agent that deal specifically with those properties or contact the agencies and inquire how you can attain the information.
Good luck!
**For smarttrader101**: With all due respect, the Sheriff's Department is NOT responsible for foreclosures contained by Texas. All foreclosures in Texas are done any through the Trustee named contained by the Deed of Trust or an appointed Substitute Trustee. An attorney handles adjectives paperwork and required notices to the debtor and, if the debt remains contained by default, the Trustee or Substitute Trustee does the actual auctioning of the property and this auctioning take place at an appointed site on the same daylight of each month. Typically, it will be the first Tuesday of the month and the Notice of Trustee's Sale will state that it will be held at "x" time on, for instance, 'the south steps of the Kaufman County, Courthouse."
try within the classified ads of your local treatise. they have a full section devoted to foreclosures and the address and the cities they are located in..well brought-up luck.
screw the scams...if you want to find forclosed properties on your own freshly contact your local area bank or your county sherrif department..they post them!
Hi Nanette,
Usually you can find forclosures in the local new's papers, If your's dont' show them try to contact the county clerk for directions to the forclosures of property department is. Good luck Mez
Try going to the bank, they usually enjoy a list nearby
http://www.letsgobble.com/
In the United States, the sheriff's department is responsible for foreclosures sales within each county. This document of foreclosures is 100% free and can be obtained on your county sheriff's website below property sales and/or foreclosure sale. This list can also be obtain by calling them.
Try foreclosure service company. Since they need investors to solve foreclosure problems they usually provide pretty righteous and concrete list for foreclosure sale.
Our company provides a 100% free list at http://www.bankownedassets.com (not simply a free trial, and no credit card required). You get a detail that is updated as we acquire new listings, but instead of giving out individual properties, we provide the links to survey the bank owned property databases for multiple bank and lending institutions.
Is it official for tenant to be required to stay for a specified amount of time contained by a month-to-month lease surrounded by CA?
Question:
The rental agreement states that the tenants own to stay for a year, but it is a month-to-month agreement
Answer:
If its a written agreement that says you stay for a year, its not a month to month lease. It may be that the rent is due month to month, but if it say you have to stay in attendance a year, then its an annual lease.
Of course, lacking seeing the whole lease, it is not clear exactly what animal you hold there.
--Lawyer
If the contract you signed say you have to stay for a year, it may mingy that you're in that agreement for a year, but you discharge monthly. I'm not sure, that's just my best guess. I don't live surrounded by Cali, but I know from law class that if a signed contract say you have to stay for a year, consequently you stay for a year.
If you have a month-to-month agreement (and not a lease for a year) later you are only required to impart 30 days notice. But if you hold signed a lease that says 1 year, you're probably not a month-to-month tenant.
That would depend on what your lease say. Some leases say-so 6 months before have to renew it. Other leases are month to month. Check next to your landlord if those guys hold any brains.
or if you are in doubt.
However if the tenant hasn't remunerated rent or causing trouble the proprietor would have the right to evict
That would be a every twelve months lease. Not only legally recognized, but common. It is to protect the owner, as moving society in is fundamentally expensive.
No.
A lease can be either month to month or it can be for a fixed amount of time.
In California a lease can be for a interrupted tenancy(month to month) or a fixed tenancy(one year, six month, etc.)
This lease would not hold up in court.
It seem here are alot of homes for public sale surrounded by san antonio. Why?Are alot of those freshly moving away for job?
Question:
Is the job flea market weak within,is it the area conceivably not enough to do or possibly the summers are to much.
Answer:
http://www.breakingbubble.com/
The name say it all but the trellis site tell how they made the bubble
these are a result of race who normally would not be qualified for a home loan that get one under an exotic interest lone where the payments are low, and in a minute the 5 year mark have settle and the loan adjusted, so in a minute the payments are higher and they cannot truly afford the house. the house be a bought at artificially high price due to cheap credit and lax lend rules, so then anyone could qualify for a house
so they must go or lose it in foreclosure
it's also behind schedule speculators ( "flippers" ) who are in matching predicament and are trying to get out while they can
but beside so many homes on the flea market the price goes down and at hand comes a point where they any settle for less profit ( if at adjectives ) or are actually owe more no the mortage than the property is currently worth and are upside down.
check the are afor the foreclosure rate to confirm what i hold said and you see default will be something like 5 years from the date of the last public sale on the properties, you also find out there is a glorious rate of interest only home bought surrounded by the area which translates ( for those who didn't or couldn't refi into a locked rate ) which will translate into a elevated foreclosure rate ( look at Detroit's mess which is further compunded by large auto layoffs, 1 contained by 8 houses over there is contained by foreclosure )
market is slow,
Question About A Landlord Selling A Property?
Question:
My question is the 3 familial apartment building I live in next to my girlfriend and her mother has be put up for sale and out tenant hasn't told us yet. We found out by finding a sizeable for sale sign attached to our front stairs.
so can our innkeeper sell the property in need telling us first and except how many days spy do they have to bestow us if we end up need to move?
Answer:
You can stay as long as your lease says you can. Selling the property can't adjustment your lease.
So you'll need to look at it and see what the see period is. If you're month-to-month, it's usually individual 30 days (from end of the month you are contained by, so it's always 30+ days.).
And the hotelier has no responsibility to give an account you or ask your permission to put on the market. There's a good break the new buyer would want to save you as a tenant, if you've been a appropriate tenant and paid on the dot. It's completely reasonable to ask your current manager to inform you when he accepts an set aside to sell it, and what you should expect from the up to date landlord. The latest owner may want to talk to you directly back they sign, to ask about your sensations on the property condition, and also to see if you're planning on sticking around and paying him rent.
That depends on your lease. If the landlord sell the house, the buyer may be required to honor the remaining term of the lease. If you are on a month to month lease, later you will need to receive at least possible one month's notice to vacate the property.
The tenant has rights too, however, the tenant can do basically anything he/she wishes with his/her property, providing they are in the law. Yes he can supply without describing the tenants. You see, the tenant are part of the operation. Its easier to sell the apartments as a going concern: plan as a thriving business.
if you have a lease or rental contract the different owner has to honor it. The current owner doesn't own to let you know.
Does anyone know a home loan place that does 80/20 loans or help beside associates near fruitless credit?
Question:
I know my credit is my fault I cant balme other population, but we just moved bad post and were renting this house, in a minute its for sale, and we really dont want to move again, my credit and my hubbys credit sux. and i dont own a job that pays super apposite, only 8.50/ hr. the house is simply 70,000 i have just 3,000 to put down if need be, please can anyone comfort!
Answer:
You ask, "Does anyone know . . . ?"
The answer to that question, whether ANYONE KNOWS, is undeniably there must be someone out near who knows.
But is that what you really be asking about?
Maybe you wish to determine HOW MANY people know?
doesn`t matter what you do DO NOT fall into an adjustable rate mortgage no concern how good the business sounds. Eventually the price will baloon out of control and you'll own to forclose (another red mark on your credit). ALWAYS procure a FIXED RATE mortgage, ALWAYS!
I am a broker, The market today have contributed to tighter lending guidelines. You stipulation at lease a 640 middle credit score to qualify for 100% financing. 6 months ago the requirement be only 580. Many of those companies own either gone out of business or raise the qualifying ranking due to the high increase of the number of foreclosures.
My best counsel is to work on your credit first. That way you will draw from into a loan that you can afford comfortably, and you don’t have to verbs about refinancing again because of getting a poor loan basically for the sake of getting into a house.
There are so many credit repair companies out at hand that are expensive and do not deliver on what they promise, however there is one company that I convey my clients to that is inexpensive and hasty.
www.veracity.com
They charge $69 the first month and $45 each added month. The score usually increase between 10-15 points per month and you can invalidate at anytime or when your score reach the level that we would entail
It really depends on what your middle credit score currently is. Its possible that you might qualify for loan if you put 5% down. In your satchel that would be $3500 plus the closing costs which will be close to $2000.
In either defence, the faster you start working on you credit the better. Theres only 3 things that fix your credit removing or disputing derogatory results, paying down revolving debt balances (credit cards), and time.
i want to buy a house.. what's first?
Question:
my friend and i are looking to buy a house, to start a part time authentic estate business...
i have relatively unpromising credit that i know i need to fix. I'm looking to add to my credit within 6 months and produce a down payment. I'm a veteran which system i can use my VA loan guarantee.. my friend doesn't have great credit, but it's better than mine.. should i have a word to a banker first to explore my option of the types of loans? or am i crazy to think this is going to crop up?
Answer:
I wrote several articles on this exact subject. These should help.
What kindly of Real Estate business? Selling? you need a license and full time+.
Go see an agent and they can direct you to minor market lenders.
Good Luck
Shop around for a mortgage and find your house! And don't agree to them charge any bullsh*t fees like closing costs... those can be negotiate. And don't talk to a investment banker (unless you trust that person, most culture in the mortgage business basically try to make their commission and don't put your entail first) -- do a little homework and find out which type of mortgage you grain you could qualify for and what suits your needs! Good luck!
If 6 months is adjectives it takes next wait it out, the long permanent status effect is too great.
Also, the market is dropping, you will bring a better deal subsequently.
First find a home that you want to invest in specifically selling for a good price, below the appraised appeal, and approach the bank next to the property, what you plan to do with it, what profit you expect to engender and why/how.
I would ask your friend to sign the loan as a co-signer for 2 reasonsyou will have a better hit and miss of getting the loan, and you won't be left holding the rucksack if he bails. He will have a common sense to make sure the biz take off.
Nothing is ever "a dream" if you really want it to evolve.
Mike
======================
talk to a mortgage broker...they should know how to help you near all of your question and concerns.