How Can I Begin Investing In Real Estate With Bad Credit?
I've heard so many infomercials about investing with no money down. But when I started doing some research on it, I need good credit. My credit is horrible. What finance techniques I can use to begin investing with my bad credit? Maybe I need to start by investing in paper, like buying and selling notes. I even purchased Carleton Sheet's program, but after studying it, I felt it really didn't tell me anything. I need advise, because I don't know where to start. Thanks, Jellissa
if your going to rehab the place quickly you can use a bad credit lender. just make sure you flip it fast or the interest rate will kill you.
You don't need good credit, but it sure helps. You could birddog and get paid for leads. You could sign up some homes subject to, or with lease options. You could put properties under contract with sellers, then wholesale them out to other investors.
Most of all you can read read read all the forums that discuss exactly what I just mentioned. Good luck.
DC
Quote:
On 2004-04-13 17:28, jellissa wrote:
I've heard so many infomercials about investing with no money down. But when I started doing some research on it, I need good credit. My credit is horrible. What finance techniques I can use to begin investing with my bad credit? Maybe I need to start by investing in paper, like buying and selling notes. I even purchased Carleton Sheet's program, but after studying it, I felt it really didn't tell me anything. I need advise, because I don't know where to start. Thanks, Jellissa
""You could put properties under contract with sellers, then wholesale them out to other investors. ""
This is a great stragety, you can really make a killing...you just have to make sure that the contract states that the "contract is transerable"....which is very common. and obviously make sure it is a good deal that you will be able to wholesale to an investor, good luck and happy investing.... 8-)
[addsig]
You can also bring in a parter who has cash, credit, and/or experience.
If a seller won't let you create a transferable contract, you can always have the buyer be a company, and create a partnership agreement with the future buyer or partner and bring them into the LLC, for example.
Has "sub. to" been mentioned???
You can ask for owner financing with no money down. Talk to several mortgage brokers about bad credit programs they offer. Find an area of real estate investing you are interested in and concentrate on that area in the beginning. I do not suggest that you buy rentals until you get some money and experience.