I’M LOOKING TO START INVESTING IN REHAB PROPRERTIES, BUT I HAVE TERRIBLE CREDIT. CAN ANYONE GIVE ME ADVICE ON GOING ABOUT FINDING LENDERS THAT WILL WORK WITH ME AND WHERE DO I START. I’VE PURCHASED BOOKS ON FLIPPING PROPERTIES AND INVESTING IN REAL ESTATE, I EVEN PURCHASED THE CARLTON SHEETS PROGRAM WHICH I’VE BEEN READING AND LISTENING TO DAILY. AGAIN, WHERE DO I START AND IS IT POSSIBLE FOR ME BAD CREDIT AND ALL TO BUY PROPERTY WITH NO MONEY OUT OF MY POCKETS.
Nice to meet you.
With Bad credit, you have a few options to choose from.
Hard Money or Private lenders
Sub Prime Lenders
These are a few of Many options.
I am sure many others in REI can name some more?
Nice to meet you also, thanks for the info. I have a question though, can you explain to me how seller financing would work. And do you profit from this option.
Sure, Seller financing would be where as an example:
Use the seller as the Bank. Ask them would they hold paper on their wonderfull propery, or a least give you a 3 to 5 year option on it.
You may only have to give them a few thousand to make it work, or sometimes less than that.
You can obtain a loan though a broker. Most brokers won’t bother with tough loans because they can take a lot of time and energy that they could focus on easier files. Remember their will always be a broker who does so don’t expect a good rate with bad a credit and no $ down. But, if plan on fixing and flipping take wallacehobbs advice and look for seller financing.
Cool, thanks for the advice.