Re: Bad Crdit and Bad Background (Tony!, Lonnie!) - Posted by Tony Colella
Posted by Tony Colella on March 07, 2006 at 09:51:19:
You have received excellent advice.
From a personal stand point let me add a few comments.
We are limited by ourselves alone. If we feel that there is a reason we may fail, we will fail. We are all weak in some area of this game and it is in the overcoming of that problem that we succeed.
You have worked 12 hours a night and saved $25k. This leads me to believe that you have put your past behind you. Those hours do not leave much time for getting into trouble. That amount of savings indicates you did not have time to get into further financial trouble.
You have consistently lived below your means for over 2 years now and the fruit of that labor is documented by your bank account but more importantly it can be seen by others through your actions.
Will it be easy to overcome mistakes of the past? No. Can it be done. Absolutely. Will it limit you? Only when you let it. Remember, when one door closes, another opens. The best advances I have made in my life have been preceeded by someone telling me “no.”
Some folks will look for an excuse not to work with you but honestly, chances are they have done you a favor as you would have likely found them difficult to work with later on. This way you have atleast wasted no time or money with them.
Most people I know respect those who have helped themselves up by their own bootstrap. We admire the self discipline of those who have overcome challenges. They may still be a bit weary of you at first but your actions will speak louder than words and in time you will gain their trust.
Bad credit can be repaired but as many indicated here, for Lonnie deals, your credit will not be much of an issue. As you progress into other types of deals, your credit can force you to become creative (one of the leading reasons creative investing was born). I know several successful investors who have terrible credit. Most have been forced to use techniques such as “subject to” deals but they have been very successful. But they may or may not be unique.
I find that if you are doing the right things as you now seem to be, and honor your word and commitments, good credit and trust will follow. It won’t happen overnight but neither does real, long lasting success.
Work as hard to keep your word as you have at your job and savings and you will be successful. I suspect you have already overcome challenges that the majority of people could not have. You have begun a trend of successful momentum. Keep it rolling.
Tony