Chapter 13 Bankruptcy & Real estate Investing

[Hazel Wiggs]

Hello BP Fam,

I'm totally putting myself out here but i'm really eager to learn. 

I filed for Chapter 13 bankruptcy in Dec 2012.  I finally paid off the trustee this month. ( Hallelujah!! )

I've learned a lot in this process and have worked really hard on my credit in the past 1 1/2 year. 

I went from the low 500's to almost 700 in a little over a year and i'm at the point in my life where i feel credit worthy now.  As i know that there are dozens of creative ways to finance a deal, my primary concern is executing that first deal with little or no mistakes.  I'm not sure what questions to ask but thought i can get some feedback from people who've been in Chapter 13 bankruptcy. How do i start taking action in my real estate business after bankruptcy?

Thank you =)

[James C.]

Hazel,

I'll take a stab at this:

First things first - Congratulations on successfully coming out of a CH13.

Start where everyone else starts.. get your team together. Find folks that can advise you without being prejudicial about your CH13. Read, put a business plan together, execute. The best part of this... you know some of what not to do!

Put another way, get over your CH13. You are done, you've done your best, and now it's behind you. Move forward.

Oh, yeah forgot to add... you will make mistakes. Two tricks: 1) learn from them so you don't repeat them and 2) make mistakes that don't kill your business. Due diligence, a good team and business plan helps #2 immensely.

Good Luck!

Jim