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Updated over 6 years ago,

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2
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1
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Jeff Martin
1
Votes |
2
Posts

RE Investment with past credit blemishes

Jeff Martin
Posted

Looking to start investing in real estate in the next year or so. Goal is to buy and hold SFH and/or vacation rentals. I'm wondering if my credit history will make this a non-starter. Due to bad decisions and a divorce, I went through both a bankruptcy and foreclosure. Foreclosure happened in 2010, BK (Ch 7) was completed in 2012. Since then, I have been militant about budgeting/credit and all bills have been paid on time. Only debt I have is a car loan, which I pay extra on each month (will be paid off before I start investing). I use a rewards credit card and pay the balance off every two weeks. My credit score is currently high 700's. Solid income from full-time career. Will the foreclosure prevent me from getting a mortgage? My plan is to not buy anything unless I could put 25% down.

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