I"am new to the housing investment scene.I was wondering how true it is if you buy a home withbad credit or no credit…this is not using creative financing is there another way out there to do this???
You can try owner financing. Banks generally aren’t going to lend in this environment to someone with bad credit. Some owners may not either, but some may be desperpate enough to give you a try.
SUB-2 SUB-2 THE ONLY WAY WITH BAD CREDIT !!
ok what is sub 2 sub 2???
ok what is sub 2 sub 2???
There is a Forum that discusses Subject To
Seller financing, Subject to, maybe Hard Money but definitely Private Money. Find someone who has some real estate knowledge, knows a good deal when they see one, is comfortable with an investment backed by real estate but doesn’t want to deal with the hassles. They are out there. I have a couple guides on how to raise private money that you can download from my site. Hope this helps. Best of luck!!
Transactional funding would be your way to go (if not using creative financing techniques). You will need a pre approved end buyer in place however you won’t need to worry about your credit or how much cash you have etc…
craziesuthernman
Welcome to real estate investing. There is no better way to earn a living, invest and make money than real estate. Education is the key to success, keep learning, reading and particiapting in forums, investor meeting, reading books and so on.
As disccused there are two ways to buy property if you have bad credit or no credit at all
- Hard Money Lenders
- Sub To Deals
Hard Money lenders base there buying decision on the property not you as a person. There is nothing hard to the process. It is really equity based lending. meaning that the loan is done based on the equity on the property rather than the creditablity of the borrower.
Subject to Deals. This is where you take over a property subjec to the existing financing. You will find people that are willing to give you there property subjec to the existing financing. The trouble is the payments may be much more than what you can get in rents. The next problem is how much they owe verus what the poroperty is worth.
If you are new start buy finding a great deal. When you find a great deal you will be able to find the money to fund the deal. I would recomend fixing and fliping and getting a hard money loan.
Happy Investing