I've got 35 g's cold cash!

… but my credit is horrible… basically i cashed out on tucson and now see a dead market here in the cactus state!!!.. @ the same time my credt is horrible so i can’t purchase… I’m headed to san antone believing in rental market… one thought is lease option… but then i wager on my credit improving… i’m @ 550 with very little debt <1000.00 … and have been for 1.5 yrs… it was all the collection accounts b4 that screwed me… o yah and i’m in between jobs so i need income pretty soon as i try to get my real estate license in Texas!

  BIG SHOTS!  what would u have done if you were in my situation early on??//   Maybe i should buy some personal property inventory and ebay it???   My long term goal is 5gs a month (times inflation) residual!  i don't like cashing out my wife spends too much! :-\ :-\ :-\ :-\ :-\ :-\ :-\ :-\ :-\ :-\

My first bit of advice to you is to start now accepting responsibility for your life. I know you think your screen name is clever, but it gives you no credibility. I’d change it, but that’s just me.

Were you a victim of identity thef? What’s the story with the lousy credit? I’ve had bad credit before, but I’ve never dipped into the 500’s. That takes effort-- yours or a criminal’s (or both).

You could probably improve things a year and a half later by taking some of that money you’ve got and going and settling all your old debts.

Why do you need your real estate license? Partner up w/ your $35K and someone w/ decent credit. Wholesale a few properties, maybe rehab a property or two. You could double or tripple your $35k by Labor Day. Live cheap. Do some work on the side if you need groceries. Bootstrap.

And what the hell is “wagering” that your credit will improve. Just improve it. There’s no chance involved. You’re 100% in control of your own credit.

The collection accounts screwed you? I suppose so, but you screwed your creditors first, right? Go to creditboards.com if you want to learn how to improve your scores.

And to top it off you are unemployed and…farting through silk. Your posts indicate that you have no experience in rei. Yet you are freely sharing your salty opinions about what areas and types of investments are poised for gains.

Read, think, look at properties, and GET TO WORK.

Credit can be improved, but you have to pull it and start working with your creditors. So you have cash, but can’t pay off some of the debts to improve your credit?

Just a few thoughts.

Hey, if you use seller financing on deals, normally credit isn’t that big of a deal to owners financing their own homes.

Well how is your folks credit? Uncles cousins brothers sisters? Anyone you know with good credit?

If so have them add you as a card holder on there credit cards… Tell them when the card comes to SHRED the card you do not want the card!!

After 45 days or so that info will show on your credit report then you will have open line that are good! So 3-4 cards wil boost your score…

As for the 35k I would look into tax liens that are paying 10-21% APR and work on what ever you want to work on in R.E.I.

Other optons include but are not limited to CREDIT partners, Owner Finance, and on and on and on and on.

There is no reason that you can’t get into Real Estate with bad cedit.

The only thing holding you back is you. Your investing future is going at the speed of you.

So that being said I hope I do not see you post a year from now saying I am broke and have bad credit NOW WHAT? Because 35k cash and bad credit is soooo much better then no cash bad credit. Even with that you can still make great money in Real Estate! Best of luck and get going!


I've had bad credit before, but I've never dipped into the 500's. That takes effort-- yours or a criminal's (or both).

As you know your FICO score is an algorithm that can be manipulated. This manipulation can be good or bad. I had a FICO in the 500s when I got started investing. I had good credit but a bad score. I had a middle score of 589. I made a lot of money and stopped using credit and started buying everything cash. I decided to close all my older accounts and move them into newer lower interest rate accounts. As I got fewer and fewer and newer and newer accounts, my score plummeted. My mortgage broker said that I had lousy credit and that he wanted to look at my credit report to help me. When I brought it to him, he wanted to know were the rest of it was. I told him what I had been doing, he said that my score was low because my file was too thin. I had to go out and make my credit profile look like a person with the income that I had. You are right that you have to work at making a FICO score be in the 500s. I went from that 589 FICO score to 710 in 9 months.

Bluemoon gives a lot of good advice. By understanding how scores work, anyone can improve his score. Even if your current score is adequate, you may find that a higher score equals a better interest rate and/or a lower down payment.

If you use mortgage money in your investing then you need to know what your scores look like. Look up a discount code on creditboards.com and use it on myfico.com so you can get a credit report and score for a little over $11. myfico sells accurate scores. Some sites sell simulations that can be off by 50 points or more. That false info can cost you money. I know >:(.

creditboards.com is a free site which is of great value. If you use borrowed money from banks or mortgage companies you should spend a few hours there.