Credit Woes

[Jim Murphy]

Lat year while my divorce was ongoing , there were several credit cards that we fought over, who should pay what etc etc this resulted in 2 credit cards going late for an extended period. Also during that time we had a condo in myrtle beach that had lost over half it's value so to speed the divorce up we did a deed in lieu of foreclosure.
As my financial settlement My then wife refinanced the house and paid me $100,000 which I used to buy 2 short sale properties which I fixed up and have since rented out .
Herein lies my problem My properties are appraised at $ 268,000
with no mortgages they bring in $1450 per month rent I have a good job and now actually have a second job as well I have no credit card balances and no other debt however when I approached my bank they loved my strategy on short sales and were eager .... eager that is until they got my credit report, they couldn't touch me.
Does anyone have any ideas as to how long it will take for my credit to become good enough I have been looking at 3 family units that are short sale approved but I will need funding.

[Jon Holdman]

Move to credit repair forum, since I think your key question is about when your credit might improve.

I will say that if I had properties worth $268K that only brought in $1450 a month in rent I'd sell them in a heartbeat. That ratio ($1450/$268K = 0.54%) is way too low. Better to get that cash into a more profitable set of rental properties. If you can spend $100K and end up with properties worth $268K I think you should stick with fix and flipping. With those kind of number you can earn a very nice income.