Investing with bad credit

[Michael Staiman]

I’m trying to figure out a way I can still be involved with real estate with a 1.5 year old bankruptcy on my record. I had a business fail and I signed for a lot of stuff personally so I had to file for business and personal. I’d like to get a conventional mortgage on a fourplex next. 

I can't get a conventional loan for 4 years after the BK discharge date, so 2.5 more years. I have a triplex, fha loan, I live in currently for that last 3 years. I'd want to do house flips until I can get a bank loan for the fourplex. Or a HELOC on my triplex so I can purchase something cash and brrrr it.

I figured if I can show a private or hard money lender I’m managing my triplex well. That I’ve been working on my credit, it’s now 690. I’ve been a contractor for 15 years. My spouse just got her real estate license. I flipped 1 house 5 years ago for a profit and can prove it. I have some cash and equity in my triplex. Maybe someone could look past the bankruptcy if I can get a good off market deal under contract with enough meat on the bone first. Any suggestions or advice is appreciated. Thank you all.

[Darius Ogloza]

Hard money tends to focus on the asset you are seeking to finance as well as any additional collateral you may be able to provide.  You credit rating actually looks pretty good to me!  You will find someone.  Kick some tires.  Good luck.