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Updated over 7 years ago on . Most recent reply
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I was offered a credit partnership: pursue or pass??
Hey BP, I need some advice/help. Basically revolves around a possible partnership with someone using my credit to obtain a loan that is going to be used to buy a property.
I found a posting on Craigslist of a guy looking to use someone's credit to buy real estate in exchange for $10k upfront. Out of curiosity I responded. He says he wants to use my "good" credit to get a 50-100k loan in my name that he will use to buy real estate... says my name will go on the title as collateral "so I feel safe", and that once the loan is paid I will switch title to his name.
I'm not sure exactly what to make of the situation, I'm a bit of a newbie in real estate investing and not very well versed in knowing about partnerships yet. My gut tells me something is off, he sent me a loan application to fill out (of course requiring ss#, pay stubs bank statements etc). The other trippy part is he seems to be an employee or somehow associated with the lender.
I just want to know if anyone has done anything like this before, is it a total sham and should I walk away, or is this possibly a legitimate opportunity?? I definitely can use $10k right now. Any thoughts, comments, or questions are greatly appreciated. Thanks BP family!