After Divorce My Credit Is Shot .How Do I Get Started?
I have mainly posted on the tax lien forum,I have made a few dollars on redemptions.But I really want to get into buying realestate, but because of legal problems(divorce) my credit is so bad Icannot get a candybar on credit.Is there any hard moneylenders that ould lend money to me.HELP I really want to make a go of this.
Thanks to all who respond
Have a great day
Hi, I am in the same boat you are, no divorced, did that too!!, but credit is not good. Try the ****Must Reach Senior Investor status before posting URL's*** site, the course will show you how to do creative finacing without money or credit. We are doing that. We started out learning tax liens and forclosures, but in DE the market ia so over saturated with everyone buying that you have to have a ton of money!! We have one tax lien property in FL with anothe student that hasn't sold yet. We are veiwing several properties now and making contact with as many people to help find properties as possible. The course is not that expensive and would offer you alternatives, they have councelors too. Just an idea I don't work for them or anything, so I am not trying to sell you on it!!! Good luck
<IMG SRC="images/forum/smilies/icon_cool.gif"> [ Edited by Bonjohn on Date 06/28/2003 ]
Hard money lenders look to the value of the property (and the integrity, not the credit rating of the borrower). Expect to get a loan of up to 13 months at a current rate of something like 3 points and 15% to 18%. Really not too bad if you haold the property for 1/2 year to rehab or something like that. The lender will estimate the (current) value of the property, since that is his collateral. Part of their judgement is wether this is a good deal for both you and them. Most will not lend for the cost of rehab.
I would encourage you to find any hard money lender through an investors club or personal contacts. Because the unscrupulous are out there all right. A good lender will want you to succeed and continue as a client, and will provide contacts and advice as well as just funding. The lender management is likely rehabbing or flipping on the side for their own account, and probably can help you with your venture.
[Q]
but because of legal problems(divorce) my credit is so bad Icannot get a candybar on credit. [/Q]
Fixing that problem isn't difficult at all if you learn how to do it.
I'd suggest that you go to any search engine and enter in the word "creditwrench" and you will quickly find an unbelieveable wealth of information about how to cure your problems quickly, inexpensively and reliably.
[ Edited by Creditwrench on Date 07/11/2003 ]