I could use some advise. I'm recently divorced and need to move within the next couple of months. During the divorce my credit got crushed. Had to short sale my house and my x wife got her truck repossessed which was under my name. I was going to rent for two years while I rebuilt credit. Are there any ways to control and Invest in a property I'm living in then sell for a profit in two years when I'm ready to buy a more suitable house? Or am I pretty much stuck renting until my credit goes up? I appreciate any advice. Thank you!

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Creative Financing 101

No Banks No Credit

1. Lease Option and assign - easiest - You lease Option from Seller and assign for 3% to 5%. Be fair, charge market rent, market sales price, no rent credits.

2. Sub2 - Get the Deed - must deal with the due on sale clause - not impossible. You get the deed, seller agrees to keep the loan in their name for a short time, good for fix and flips, not long term.

3. Wrap Around Mortgage - must deal with the due on sale clause - not impossible. You wrap a new loan around the existing financing, aka "all inclusive trust deed", seller agrees to keep the loan in their name for a short time, good for fix and flips, not long term.

4. Land Contract - popular in many states. Depends on Local Customs.

5. Free and Clear Houses - Buy on Private First Mortgages - Create good private terms, like a Moratorium on payments, Subordination, and Substitution of Collateral.

6. Sandwich Lease Options - You lease options from seller, sub lease, sub option - you must pay seller even if Tenant Buyer you are sub leasing and sub optioning to.

7. Joint Venture with Seller on minor rehabs, free and clear house - You get private money for minor rehab, give note for equity, no payments to seller for 4 months, buy it, fix it, resell it, pay off private loan and seller's private note

8. Joint Venture with Doctors and Business People - many ways, I like LLC creation and JV Agreement, I find and supervise a local rehab, get funding with private individual, or hard money, buy it, own it, fix it, resell it, split net profit after all expenses, large numbers does not need 50 50% split, can be 25 75 split if deal is strong enough.

9. Wholesaling and Co-Wholesaling - You find a deal with a lot of equity and a lot of work in a reasonably good area. You can co wholesale by partnering with other wholesalers, either just find the house and seller, or just find the Cash Buyer.

This is just residential, commercial is wide open.

Dodd Frank applies to financing owner occupants. See

http://www.biggerpockets.com/blogs/3/blog_posts/39...

the CFPB has the final say on owner financing.

Creative Financing is useful for not just credit impaired investors; there are restrictions even with good credit on US Govt backed loans such as FHA 203B

http://portal.hud.gov/hudportal/HUD?src=/program_o...

Marketing for Creative Deals

Forget the MLS except for Expired Listings and Cancelled Listings. I like LONG Days On the Market (DOM) , "about to" expired listings. Knocking on doors is the fastest way to a good creative deal.

Getting Licensed or Having a Licensed Agent in your C Corp or S Corp or LLC

Having a good excuse or reason for Bad Credit might be enough of an explanation to getting approved for a Realtor's Agent Sales License.

Good luck to anyone with bad credit.

It is a temporary problem.

Start building you Good Credit NOW!

See

http://www.myfico.com/CreditEducation/ImproveYourS...

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There are posters here that are awesome in Creative Financing @Bill Gulley

@Bill Gulley

@K. Marie Poe

@Curt Smith