There is no such thing as a 45 score.

You can get hard money financing at a 450 score but your interest rates will be at least 13% and it’s unlikely that you’ll get 100% financing.

Good luck getting positive cashflow on something that is 100% financed at 13%+. I think your first goal is to get some of those negatives removed from your report and work on rebuilding your credit with secured cards, etc.

It all depends on the value of the property and IF you are going in with equity. If you have cash flow, then the rates can be as low as 9% to 15%. Let me know if I can help.

off the top of my head, try bankers express.

Have you thought about a private lender. Have you thought about partnering with someone for the finance or for the credit, or for both? Do you own a home? Do you have an insurance policy? Do you have a retirement account?

Darryl Murphy

wcbb3363 - I am so glad you brought this up. My score is the same or close, so you are not alone. I have been trying to find financing to through hard money loans. Most of them claim that you don’t have to have good credit, but when I inquire and tell them the score, they run! It’s really hard because you are trying to improve your current situation and rebuild your score but no one will give you a chance.

I really have a good investment on a duplex but without funding :cry: Oh well I will keep trying and you keep trying also. We will eventually succeed at finding the deals and financing that we need!

Much Success,

I would like to know what you find out as well just for knowledge sake. Keep us posted.

Greetings!  I have finally found somewhere we can get some quality answers. Here is the deal. I have a credit score of 519 myself.  So I understand the makeup of the credit situation. However if the credit "is" an issue then it needs to be addressed honestly in advertising these courses and such and not marketed as the way it is in some cases..  I have been working on this plan for about a year. In the sale of several houses, I will be debt free. Plans to pay off debt!  All of it.  Do not want to file bankruptcy at all.  That is not God's plan for me and I wont. I have been a business manager for 10 years. Completely responsible for a mini-warehouse business. So I am somewhat familar with houses and square footage and contruction and all sorts of things like that!  I know I can do this.and so can you! 

I am planning on attending a local Real Estate club to possibly get some help! I have already been in touch with a local investor and he said there is a way to buy houses with no credit. Private money lenders is one. Most real estate clubs have several people within who do just that. check that out as well. Plus do your homework! I have taken classes and I am researching the market to learn all I can. My brotherinlaw is an investor and he has been a tremnedous help as well. I actually worked in his office to learn the business. there are aspects of this business I choose not to go into but everybody will have their own field of interest. There are so many ways to make money in this business!
For rehabs/ My soninlaw is in contruction and can build anything! I mean anything! So I am blessed there. Just start networking! It is “possible” to buy with no credit as long as the credit issue changes in your process of buying and selling. Any feedback for me I am watching! Thanks and God Bless.

you could offer a seller 0 down on a land contract to balloon in 18 months. this will give creditors a good 18 month track record and refinancing should be relatvely easy providing you work on your score AND make all of the land contract payments on time. set up your payments though the bank. motivated sellers are out there and if they know its a short term contract—they may oblige. good luck

Is this what people do who are selling these homes for no qualifying no credit check purchases and all you have to do is pay the assignment fee? I have recieved numerous offers of people assigning a deal in which you pay the assignmnet and gain total control of the property through an impermiable land trust (I think I have the right term).

How do people do this and how does this work? Anyone done it before? Anyone have a step by step on how to put a deal like this together?

now2infinity - There is possible financing for your scenario, but the question on the mind of ANY lender (private or institutional) is what’s the true value of the property, is there enough income to cover the debt, and what are you bringing to the table. You should be prepared to put down at least 30%, give up equity in the project for the financing, or have seriously good cash flow. If you can do either, then you can find financing. Let me know if this helps.

Just another note. I realize there is a must for all the areas you have suggested. However I also believe that the whole picture should be taken in to place as well. What is the background of the investor, does it appear they are serious about what they are doing? I was told by the local real estate club member that buying houses and selling is absolutely possible with poor credit and no money! In tis particular club there are several private money lenders who will do just that. They look at the value of the property being purchased.
My other pet peeve I guess you could say is, if it aint so dont say it!!! If it is “not” possible to get into this business with no money/no credit then the marketing strategies must change! I so undertsand the business of making money but I also believe it needs to be an honest business. (marketing strategies I am referring to) Tell people the truth and truth “always” wins! No matter what! I intend to move forward in this business and use it to get my credit corrected forever! I will be debt free, I will live the way I believe God wants me to live. I will repeat, how can I bless others if I cant even take care of myself, my money always tied up in debt?

Thank you for all the replies, I greatly appreciate them.