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Updated almost 9 years ago,
Good or Bad idea to buy "bad" property just to have collateral?
I saw a property that is being sold for nearly nothing in the Cincinnati area. It is listed on Zillow at 6k but owner says in description that it is 3k. I looked on the auditors site and saw that the owner doesn't live in the state. The property would clearly need work and I just found it online so I haven't seen many pictures, just the outside. I mentioned this finding to my dad, he would invest on property with me but this is something I could do on my own since it is so low. Of course we know it's going to need tons of work if the goal is to flip.
But with not having the best credit and not much of any purchasing history aside from a new car that I recently got, is it wise or foolish to purchase a property to be able to potentially get a loan for a better opportunity later on??
Thanks