Are there any options for people who have bad credit but want to invest?
Hi,
I’ve mentioned this thought(rule of thumb) to many new investors; Focus hard on educationg yourself in your market, particularly regarding what makes a really great deal. You’ll find a great deal is much easierto acquire funding for than a mediocre deal.
Have Fun
Thanks, i read something about different types of homeowner loans that may make it easier for the buyer, is that true?
You don’t need credit to buy real estate, you just need a deal and a partner with cash (or both cash and credit) to split the deal.
Or you might explore one of my niches. Find sellers who need out and are anxious for you to take over their house payments.
In these cases, your credit is never an issue. Sometimes the only cost to buy is covering the closing. Other times, the seller needs a few bucks to move out. Sometimes the seller will want money for Taco Bell.
When I drive for dollars, I look for 30-something home owners with a boat load of man toys in the driveway. Clue…!
If you want, you can find motivated landlords at the courthouse trying to evict deadbeats. It’s best to find out in advance whose headed to court and contact them before they solve their problem. Then
offer to assume their problem(s) in return for their deeds. This will usually require some cash. Is it this simple? Yes, but like anything it takes effort and time to uncover the right situations. Who knew? However, it won’t require credit to buy.
Frankly, if you get good at this, you end up with a boat load of cash to spend/invest after you flip or rent enough of these properties.
Drilling down a bit, you can broaden your net by contacting probate attorneys. If the attorney’s think that you’ll provide a sure, reliable, honest solution for their clients they’ll put you in contact with their clients and babysit your offer to closing (which is complicated in some cases).
Meantime, in these cases, get the hang of recognizing, focusing and pitching property owners with problems, and less on looking for problem properties. Just saying.
Yes, bad credit score does not have to stop you from investing. You can use cash, the cons though is that your cash is tied up to the properties. In case you are out of cash and really need to get a loan your option could be a secure loan where you use your property(house) as collateral.
Bad credit does stop you from investing in real estate. There are a lot of money making activities that people do in real estate that a lot of people lump in the bag of calling it investing but it is not. If you don’t have credit what you are going to be able to do is to work for the partner with good credit. That job is no better than any other job. Remember that credit is not about money and not about math it is about behavior. You control your behavior so you can fix your bad credit and need to if not you will never be in control of your real estate enterprise.
Real estate invesing is all about leverage. Without leverage real estate is no better than any other investment. If you are going in with all cash you may as well buy stocks.
Bad credit student loans have frequently provided student with opportunities that have led them to achieve what they have been looking for. There has been an obvious distrust among loans borrowers relating to bad credit.
You don’t have to have good credit to invest in real estate if you have a lot of cash (enough to buy the property all cash). Since you don’t have good credit, it’s unlikely you have a lot of cash. With bad credit, you won’t be able to get any kind of traditional financing, especially with how strict banks are these days with their lending standards. So, your only option would be to get a partner who has either a lot of cash, or great credit, or both. If you can do all of the legwork and find some really excellent deals, you might be able to find someone with the cash or credit to partner up with you to buy the property. That’s your best bet (and probably your only option).
While you are learning and reading about this stuff work on fixing your credit. You know where your problem credit areas are and how to fix them, so do it.
Hi,
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