HELP!
I am trying to get my foot in the door and begin rehabbing SFH but i have poor credit. Alot of my credit has to do with too much debt, I am a homeowner and I have student loans. Is there any advice out there so that I can at least get my foot in the door so that I can begin to turn my situation around? I also live in the state of Texas and I know some rules that apply in other states dont apply in Texas.
Try to find someone willing to give you a land contract, contract for deed, or purchase money mortgage with a small down. In my experience I have never had my credit questioned- they are happy with the down payment, whatever payments you make, and getting their property back if you default. The major downside is that these kind of deals will do nothing for your credit. Of course the up side is that these deals do nothing to your credit. How you see it depends on your ability to meet your obligations. You can use your profits to pay down your debt and improve your credit that way- although with the low interest rate on student loans I would be tempted to reinvest the profits and forget about my credit...
Chris
Do some searches on the forum. How to wholesale a deal to a person with a traditional mortgage (not hardmoney or private money) has been discussed many times.
My experience is that you can only wholesale to someone who pays cash or is using hard/private money. The traditional mortgage company will not allow you to make money without being the owner of records.
contact re attorney who can do double close.