Credit score 534. I make $600 every week via 1099. Been employed since9/2007. prior years i was a student. $12,000 in collections for the past 5 years.
What are my options. i keep on running across many foreclosures in my town of miami,fl but i have no real chances of qualifiying for any loans. How Frustrating. these deals are jst passing me by.
there has to be a way for me to make money somehow. Is flipping still a reality or is that too good to be true.
In prior years you might have convinced a lender to pony up the funds, but in today’s market I doubt a traditional lender will cut you a check to close on a property. You need to think outside traditional bank lending to finance your deals. Perhaps hard money loans (i’m not familiar with their credit requirements), owner/seller financing or purchasing subject-to an existing mortgage.
I’m sure you may be able to get a private lender or someone to get you funds if it really is a hot deal.
besides that, you need to concetrate on FIXING your credit. so many people just want to get the financing without repairing and paying for the mistakes they made in the past. Fix your credit, and you won’t have problems financing anything in the future.
Try birddogging or wholesaling deals. Credit score not an issue. See the Bird Dogs and Wholesaling section in this forum for details and ideas on how to get into the game. Work on your credit but dont let that stop you from pursuing your RE goals.
Assuming you qualified for a loan, how exactly are you going to make the mortgage payments? How many are you going to buy? How are you going to afford the repairs?
My view of bad credit is that you are not financially responsible and that is exactly why lenders won’t give you the money.
There are other ways to invest without using your credit score, but you really have to work on your credit and payback the loans you owe… Look into wholesaling till you save up your reserve. Once you have $20k+, or income to afford two houses + rehab costs you can start getting into the more serious investing strategies.
Work on your credit.
Study methods where you don’t need your own money/credit.
Legal flipping is absolutely still a reality.
Chris
If you got really hot deals I would be interested in looking at some. You could make a little this way.