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Author Topic: Filing Bankruptcy and want to be an investor  (Read 2188 times)

Offline showmethemoney1

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Filing Bankruptcy and want to be an investor
« on: January 25, 2007, 03:03:54 pm »
I would like to know how I can get started in investing properties to flip with bad credit...I will be filing bankruptcy soon and have made some mistakes in the past with my personal credit and want to file...I am taking classes to be a real estate agent right now and want to be able to invest in the future...Does anyone have any ideas they would like to share with a beginner.  Any advice would be appreciated. :)

Offline dsandlin

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Re:Filing Bankruptcy and want to be an investor
« Reply #1 on: January 25, 2007, 03:28:47 pm »
credit is a major factor when it comes to buying real estate. But it doesnt have to be your only way in. Find an investor somewhere. Put a good game plan together as to how you will use their money for purchasing real estate. To make money sooner than later find an investor who wants an investment property. Find a home that is owned by a bank" they will do quick closings" have the investor place their money in an escrow account where their money is safe" only they can release the money for your transaction not you" and proceed to finiding the house and closing on it. You will tell the agent or title company what your intention is doing a simultaneous closing at the closing you will receive your piece" the amount you are selling the home to your investor for over the asking price" and they will receive  Depending upon where you are and who you know is partially how quick you will find an investor. Lower income areas tend to not have many investors/ owners and more renters compared to wealthier areas. Dont know if this helps in any way.  Best of luck.
Oh and have all info available on the house you look at when you present it to the person. Taxes, estimated value, rental amounts for the area etc. helps you look like you have done your homework on the property plus you want to do this on all the homes anyway

Offline rgchamb

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    • Be Mortgage-free in less than 1/2 the time without refinancing or changing your lifestyle
Re:Filing Bankruptcy and want to be an investor
« Reply #2 on: January 26, 2007, 12:40:58 am »
Being a "Bird Dog" may be a good place for you to start.  I know that this website has a free book on Birddogging.

Being a Bird Dog can allow you to make some extra $, get back on your feet, and learn about REI at the same time.

Offline GenerateCashflow

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Re:Filing Bankruptcy and want to be an investor
« Reply #3 on: January 28, 2007, 11:13:59 am »
I see this all the time where people advise to file Bankruptcy.  DO NOT do it. You will not be able to get a conventional loan for 24 months after the discharge and you will have to maintain 3 open lines of credit in perfect standing for 24 months.  Until then you will only be able to find a few subprime loans that you are going to pay HIGH interest rates for.

Offline Foreclosure Negotiator

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Re:Filing Bankruptcy and want to be an investor
« Reply #4 on: January 28, 2007, 11:42:27 am »
I see this all the time where people advise to file Bankruptcy.  DO NOT do it. You will not be able to get a conventional loan for 24 months after the discharge and you will have to maintain 3 open lines of credit in perfect standing for 24 months.  Until then you will only be able to find a few subprime loans that you are going to pay HIGH interest rates for.

OOORRRR you could be like me and NOT file bankruptcy.  Then you will have to wait 7 years before anyone will give you a conventional loan.
Matt Fairfield
Foreclosure Negotiations L.L.C.
Foreclosure Negotiator
PreForeclosures to REO's for Beginners & Pro's
ForeclosureNegotiations.org

 




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