All Forum Posts by: Janet Gonzales

I would first look to see if you can improve your credit score. That will get you the best rate and terms for mortgages. Plus it is just a good practice in general.

Long shot but have you look at an FHA cash out refi? This only applies if it is your primary residence. FHA requires at least a 580 credit score.

Hello Rick, my bad credit started with a set of circumstances I had no control over, then covid hit. As an Independent Contractor I never gained my footing hence no stable income. I apply but no responses. My husband is retired with a pension that cover's the bills. My score was 650 just as early as 5 weeks but again, due to unforeseen circumstances I've over utilized my credit cards. The goal was to apply for a HELOC once I started work in March 2023 but unfortunately, my score took a hit before I could even apply for it, hence today, April 4th, 2023.

My goal is to borrow $15,000 using the HELOC to pay off all the credit card debt along with preparing the property for rental. We could net $1000 - $ 1300 passive income. Want to invest in a flat, live in one, rent the other.

I didn't want to take the cash out and refi @ a higher rate. We bought our home 8 years ago and the rates were 3.25 - 4?

I will work on getting those cards down and getting my socre up.

Thank you in advance for your time.

0 Votes

Quote from @Account Closed:

whats your score? may be able to help

575..

0 Votes

Quote from @Dave Skow:

@Janet Gonzales- have you tried a regualr 1st mtg cash out refinance? ( in addition to trying to get a heloc ) . Putting the property into a business name likely will not help with getting a heloc ? What are the credit scores and are you aware of whats on the credit report now so you can begin working on repairing it ( if possible ) - thanks and good luck

My score dropped due to cc utilization.

1 Vote

Quote from @Claribel Mateo:

Find someone that can inject you credit (add you as a user in his/her credit card)

Thank you..

0 Votes

Quote from @Elisa Zhang:

Hi Janet, just upvoted your post for visibility. I have over 3,000 apartment units and focus on educating investors like yourself on the different ways one can achieve their goals through passive investing. Reach out if you are interested in chatting more!

Hello Elisa, hope you are well. At the time of this writing my score was 650 and I didn't have a job. As of today, I have a job and my score is 575. There is something I'm not doing correctly and are in need of your professional opinion.

My goal is to get some of the equity out of my home so that I can invest with the cash while preparing my home for as a rental that will generate $1,000 per month.

Any suggestions would be appreciated.

Thank you for your time.

0 Votes

Stockton, California

Quote from @Caleb Brown:

Can you do a HELOC? That would give you leverage to reinvest and hold the property

AT the time I didn't have a job, my score was 650. Its been four months since, my score is now 575 preventing me from obtaining

0 Votes

Stockton, California

My current situation; I have over $250,000 in equity and can't get access to it because of bad credit. Attempted HELOC but NO GO... I don't want to sell..

Want to invest with the cash and rent my property that would generate passive income of $1,000! Is it too late to put the house under a business in order to obtain a HELOC and if so, how would I go about that process?

Help, I'm open to creative financing... Any thoughts?

0 Votes

Quote from @Kenny Smith:

@Janet Gonzales

Before you do anything, you need to figure out what your options are with the equity, or selling the property outright.

There are so many different routes you can take. Multi family, Single family, STR, MTR, LTR, flips, syndications, etc...

I'd recommend start reading a few books so you can learn what strategy may be the best fit for you in your life right now. Check out a few beginner BiggerPockets books, Set for Life, How to Invest in Real Estate, and The House Hacking Strategy. From there, talk with a local investor/agent to get an idea where the market is now (in your area), where its headed, and if selling makes sense for you right now or not.

Best of luck!

0 Votes

Stockton, California