Need guidance what would you do?

[Geoffrey B Suasnavas]

Hello all,

To keep the story short and sweet my parents left my brother and I a SFH it's mortgage free and now we are trying to fix it up to rent out. We have bad credit, so we are in need of guidance as to how would I further my increase my cash flow and try to invest in another property, but what would you do?

[Brent Paul]

Rent it out and start the process of fixing your credit.  You can raise your score.  My score was in the low 500s and now I have surpassed 800.  Pull your free annual credit report.  go through it line by line.  Keep your credit card balances low, pay those bills on time, dispute anything that isn't yours. Anything in collections you will want to start negotiating some type of payment plan.  You would be surprised how many of them will even accept less than what is owed.  I have done this countless times for others.  If I can do it anyone can.  Don't pay for any of those credit repair services.  All that information is available for free and it's a waste of money to pay for it unless you have money to throw out the window or are lazy.

I had a friend that found out someone took out a mortgage in his name. It took almost a full year to get that figured out and off his credit.

Once you get your credit repaired: Take out a HELOC on the property and use that as a downpayment for the next one. From there just keep saving money for down payments, rinse and repeat.