Real estate investing with recovering credit

[Jose Diaz]

Hello to all. Since I am committed to my new venture as a real estate investor, I would like to have full disclosure with the BP community. I have been reading lots of great topics on BP and recommended books and I am very interested in the Buy/Hold strategy. In full disclosure, I have a bankruptcy and a foreclosure to my name. The bankruptcy is about 4.5 years old and the foreclosure with be 3 years ago in November of this year.

How do those 2 negative factors affect me regarding the buy/hold strategy? As of now, I am thinking of beginning with wholesaling to get my feet into REI and use the profits to pursue my goal of buy/hold.

Both negative experiences have taught me a lot. They were huge hits to me, being that I am currently only 31 yrs old. However, I firmly believe that we learn from our mistakes and my mistakes was lack of education. I am taking the time, my time to educate myself and fully understand and question everything I can.

Thanks ahead of time for the replies

Jose

[Barbara Riley]

Hi Jose,

I was able to significantly raise my credit score with the help of a book titled "Guaranteed Credit" by Arnold S. Goldstein, J.D., Ph.D. You didn't mention whether you have credit negatives other than the BK and foreclosure. This book is very helpful with typical credit problems including sample letters to the credit bureaus and creditors. Discussion on rights and strategies that actually work. He does also address BK and foreclosures. My copy is the 1995 edition and is available at Half.Com for less than $5 including shipping. (At least it was.) I think there is a newer edition, but even the 1995 version is very enlightening. Just thought I'd pass that along since it helped me a LOT! And, the price is right. lol. Good luck!