Newbie investor with bad credit looking for info for 1st deal

[Angela A.]

I am just getting started, I'm still in the research, investigate and discover phase.  I have found a small 2 bd 1 bth sfh in morton grove that would be a great rental property.  The problem I am having is my credit score tanked after my heart attack in March when I lost my job and bill started piling up. It seems everyone wants credit scores above 670 and understanding why you need 10+ year accounts on your credit reports to be of good standing is beyond me.

I dont want to wait a year or more to invest in real estate.  I have been waiting 16 years already.  I want to put myself out there and take a chance.  I just need someone to help me figure out what is right for me and what avenue I should take.   There has to be a company or a lender that will work with me on purchasing investment properties.  

Though there is a house for sale that needs a major rehab that my hands are itching to work on.  The owners are very motivated to sell (previous owner passed away in 2013 and the family has had it listed for over a year now, also willing to go low on purchase price. Current MV $405k, Listed at $324k, and owners willing to go below 300k) I would love to purchase and rehab it as a owner occupied property.  

Please if you are reading this, and are in the Northern Chicago/ Niles/Morton Grove area and are willing to help.  

Or If you know a PML/HML or Mortgage company that works with people with No money down, Bad credit and isnt a scam.

Thanks,

Angela Aviles

[Jeff Valentino]

Welcome to BP @Angela A.! 

You're in quite the situation but I would say put yourself in the lenders shoes. You have no experience, no money and poor credit. I don't know any lender that would loan money in situations like that.

Try to get seller financing and or partner on the deal where you can do a rent to own from them while you get your credit worked out. If it's actually a deal that is.

There's a good guide to seller financing here.

Good luck!!