>never owned a credit card>have only ever used my bank of America debit card for past 11 years>have never taken out a loan>paid for my used car in full>saving to buy a rural small house or land to dwell on for the rest of my life >my coworker says nobody would ever let me buy land or a small house with non-existent credit, even though I plan on paying it all up front is this true?I'm very financially illiterate.
>>62498592if you have a history of making rent payments, etc. that helps. but yeah they want to see you with credit available and good credit history if you apply for a loan
>>62498592if you have the cash of course they would sell
>>62498610>>62498611oh yea if you have cash it's fine, credit score doesn't mean shit then.
>>62498592>even though I plan on paying it all up frontYour coworker is mentally blocking out this part because the idea of not going into debt to buy things is so alien to him.
>>62498611>>62498621>>62498628ok nice I hope this conversation comes up again so I can dunk on him with my new found knowledge
>>62498592What's your budget?https://www.realtor.com/realestateandhomes-detail/9144-General-Puller-Hwy_Topping_VA_23169_M67296-63965
https://rimmo.it/en/tuscany/house/farmhouse-rustico/arezzo/cortona/detail/6926/
https://www.lansfast.se/till-salu/fritidshus/dalarnas/malung-salen/oje/vasterselen-6/obj5pglp8537f7z26vcvt/
>>62498592No, it's not true. Your coworker is a boomer spirit animal.
https://www.eiendomsmegler1.no/boliger/nn-12260122
https://www.rightmove.co.uk/properties/88283703?currencyCode=USD#/?channel=OVERSEAS
>>62498666BTW, this is the closed to your picrel and also the cheapest at around $30,000. Bonus, you'll be in the land of Swedish bikini team.
>>62498680closest*
Your friend's point that debt isn't bad is right. But i guess if your plan is to fuck off in the woods then you probably shouldn't have a mortgage. They'll take cash if you have it
>>62498671>>62498666i'd love to live somewhere in a scandinavian forestyou can find more listings for norway on finn.no, rather than eidomsmegler1
>>62498628This, he can't conceptualize not going into debt slavery to acquire things.
i mean you probably don't even need to 100% it up front even with zero credit history
>>62498633Credit checks are for people applying for credit, duh. But if you find the perfect parcel of land and you only have 90% of the cash, getting a 10% loan will be trivial. Unless the value of the land drops by over 90%, the bank is guaranteed to get their money back nomatter what happens, so they'll be happy to lend you the money.When you feel like you're getting ready to buy, go to multiple banks, tell them your plan and ask what they would offer you. Make sure you shop around. They can offer you a pre-approved mortgage, so that on the day when you're standing at an auction for a $100k property and you have $100k but the bidding goes to $101k, you know what you're doing, you're already approved and know the borrowing rates etc. Maybe you want to use a small $10k mortgage so you have spare cash to whack up a Kaczynski cabin or repair something existing while you build your real house.Don't forget to keep a good $5k+ cash to pay for any brokerage, lawyers and auction fees. You don't want to spend your last dime then get handed a $3k bill to sign the paperwork. And make sure the realtor fees come out of the sellers end, not yours.
anyone got any tips on how to get cheap properties at auctions? I've gone to a few but the properties that i'm interested in always get stayed or bid up by rich amish guys.
>even though I plan on paying it all up frontas others have pointed out, if you're paying it all in cash, then credit history and score doesn't matter. credit history and score only matters if you are taking out a loan.
>>62498767I've been trying to do what op is doing. The bank won't give me a traditional mortgage on land. Even if the property has a house they won't give me a mortgage on an auction because they want to do a home inspection.Op is either going to need a line of credit or a land only mortgage if he needs extra money. Once he owns the property he can refinance into a traditional mortgage.
>>62498791Yea you go for a land only mortgage. Anything with a reasonable house will cost too much anyway. OP is also pushing for close to 100% payment, which is treated very differently to anyone trying to get a substantial mortgage.
>>62498592in the modern world, its less about the fact that you'd pay up front liquid, and more about if who you're buying from will accept how you'd pay.
wait what? they don't give you loans if you have never been in debt?
