If you have cash for a down payment, you can try to find a partner who has the credit/verifiable income to help you out. Your poor credit may hold some investors back, though. You should work on getting your credit fixed before starting to invest in RE. Credit is a pretty essential part of RE.
If you have cash for a down payment, you can try to find a partner who has the credit/verifiable income to help you out. Your poor credit may hold some investors back, though. You should work on getting your credit fixed before starting to invest in RE. Credit is a pretty essential part of RE.
Like Chris said, it could really benefit you to work on your credit! My brother in law had poor credit and was able to find a great loan officer who coached him on how to fix it. It took 6 months but he was able to qualify for an FHA loan and purchase a home. Setting up a strong foundation before jumping into real estate can set you up for success, even though its tough to wait. Best of luck to you!
I know this doesn't directly answer your question, but WHY do you have bad credit? Is there an underlying challenge that you have which has put you in that position? The reason I ask is this; in order to be successful in real estate (or in life for that matter) you must be disciplined. You will not get rich overnight in RE. You actually might not see a dollar for years, but with time and discipline, you can do very well. Often when people have bad credit, they also have trouble with self control. Without self control, you will be buried by this business immediately.
@Terrell Clark Bad credit is a sign that you don't pay your debts. Why would you want to go further into new debt when you haven't paid the old? If you have all cash, you don't need credit. That could take a while. I recommend focusing on increasing your income. You can make more per hour than the restaurant job. Or work two or three jobs for a short period. Settle your bad debts. Get them paid off. Then save cash while looking for a deal.
Two things. One tone is important but two realism is important also. Bad credit needs to be resolved. Sometimes that is hard but you need to focus on improving that. If you happen to find a great deal before you fix the bad credit issue then you should consider wholesaling it or a partnership since you really arent likely to get a loan with bad credit and unverifiable income. Neither of these issues though are deal breakers you can fix your credit and explain and or increase your income.
There are many other reasons people can get bad credit that have nothing to do with self control. This statement is ignorant as hell. Originally posted by @Corby Goade:
I know this doesn't directly answer your question, but WHY do you have bad credit? Is there an underlying challenge that you have which has put you in that position? The reason I ask is this; in order to be successful in real estate (or in life for that matter) you must be disciplined. You will not get rich overnight in RE. You actually might not see a dollar for years, but with time and discipline, you can do very well. Often when people have bad credit, they also have trouble with self control. Without self control, you will be buried by this business immediately.