Brother in law burned my credit to the ground! No bank financing

[Benjamin Orozco]

Hey everyone looking for some wisdom.

I co signed for my brother in law for a 2017 Toyota Corolla. He’s sent 4 late payments in the last 7 months and be torched my credit score down to 625.

I’ve been denied financing by two small bank lenders in kansas Topeka. I just bought a triplex in January with a partner and my score then was 670 I barely made it.

What other forms of buying single family properties in kansas Topeka and doing the BRRRR strategy can I do to build capital and build a portfolio. I have 71,000 in a HELOC I can use. I was strategizing buying a home cash, rehabbing in then renting just like the BRRRR but then refinancing will have to be put on hold until my credit is sufficient and I have more cash reserves.

[Mike Cumbie]

Step 1 start paying for the Toyota. Don't trust he is sending it in. Have him pay you and you pay the note. Cosigner means you are signing and taking responsibility. Don't rely on him paying and if he doesn't pay you, send the payment in anyway and try and collect from him.