Starting over after foreclosure

[Christopher Wilchensky]

I bought my first property in 2007 when I was 25 (and inexperienced). I bought on a whim as a long term rental (i overpaid majorly). The market crashed soon after. I had the property for 7 years and I had to evict tenants who destroyed the house. Long story short I ran up my credit cards on repairs and then eventually it became unaffordable as I was paying mortgage for almost a year for the vacant property. The house lost so much value that I had to let it go. I owed 89K and it was appraised for $33k. I tried short selling but didn’t get any offers.

My credit took a major hit and now I have a foreclosure on my record. You’d think I would never want to ever do this again but I still have the burning desire to get back in and make a career as a real estate investor. My question is, with my situation (foreclosure) and credit issues - how and where do I start? Should I try wholesaling properties to gain cash flow? Any suggestions? Anyone have a similar story?

-Philadelphia area

[Dana Whicker]

@Christopher Wilchensky Don't ever give up. It's a long game. Develop a plan and keep at it. 

I too have been obsessed with real estate investing from the time I was a teenager. I've been through coming from humble beginnings, marriages, divorces, foreclosures, bankruptcies, etc. A few years ago I got back on track and am on course to pay for my son's college, retire comfortably, and I love every minute of the cheers and tears that come with REI.

What's your credit score now? How long ago was the foreclosure. What do you have the most of, time, capital, remodeling skills?