If my prophecy -- and that's obviously all it is -- is true, then purchasing homes in that area within the next few years will prove to be very profitable in the long run (which is my goal), especially if I can score them for a significant amount below FMV.

I am wondering how it affects the FICO score and why someone would want to use another person's credit rather than buy properties as an LLC or on their own personal credit?

Reject 15-year loans, never make extra payments, and forget about those biweekly mortgage payment plans.Before you dismiss all this, read on — because I’m about to show you how your mortgage can help you make incredible amounts of money.First, understand that everything you know about mortgages — and particularly what you fear about them — is wrong.

It is incredibly rare that we are turned down for a deposit.

I have a regular job with an annual income of ~60K and a credit score of 740 albeit of limited duration.My plan is to use the VA to finance, perhaps a duplex that will allow me to get my foot in the door to generate capital that will allow me to do it again, twice or thrice in a year or 2, until I have the capability to pay cash for distressed property.I have d/l'ed all the BP podcasts , purchased the " Book of estimating rehab costs & Book on flipping houses & Inspecting a house by Rex Cauadwell " per suggestions here.By this time next year I would like to be living the above plan and be well on my way to my 2nd property purchase.All comments or criticisms are welcome.

Hopefully at this price point, there are good records of all this information.Thanks to all for your incredible advice!

Plus, the income is mostly passive, and what little input it requires can be done here from the office, so it seems foolhardy to cut of a $52,000 source of income right now, even if it is soul crushing.I'll be purchasing a duplex that rents for $1400/mo for $50k down, $50k financed at 4.25% here in a month (780 credit score).

@Shawn Thom - when evaluating applicants for a rental, you look at the credit report more importantly than looking at just a credit score; OTOH, banks look at credit score and won't give a loan without sufficiently high score.

He was moving out of his fathers house, who cosigned on the apartment because he did not meet the minimum credit score requirements.

The rent and vacancy rate in this area is incredible; however, finding the deals is the tough part.