Posted by LUCKY IN KY. on February 01, 2002 at 19:46:37:
KEN
GREAT POST
The way i see it , YOU CAN IF YOU THINK YOU CAN.
LUCKY IN KY.
Bad credit but a real estate millionaire? - Posted by Jeff
Posted by Jeff on February 01, 2002 at 04:06:11:
I was reading about Ron Legrand’s courses and boot camps at www.sdiwealth.com and just wanted to know if his methods really work? Can someone really become a millionaire even when they have such a bad history as I.
Re: Bad credit but a real estate millionaire? - Posted by GL(ON)
Posted by GL(ON) on February 01, 2002 at 17:02:34:
How bad is it? I can tell you that good credit is the life blood of the real estate business. Your profit is based on using borrowed money. If you have a good name you can borrow, if you don’t you can’t.
Lucky for you, business morality is very simple. If you pay on time you are a good person.If you don’t pay you are a bad person. If you then pay on time you turn back into a good person.
So the first thing to do is clean up your credit and become absolutely square and honest. Never promise anything without thinking it through and being ready to keep your word.
In the meantime it is quite possible to do deals with lousy credit. You depend on financing from individuals rather than banks, and individuals who are in a hurry to sell and don’t ask questions.
But once you get going you must guard your reputation carfully. And remember that if you go bankrupt in the ordinary way you may be in trouble, but if you go bankrupt due to shady real estate deals you can go to prison.
Bad credit - Posted by ken in sc
Posted by ken in sc on February 01, 2002 at 07:58:26:
Bad credit is like many other obstacles to success - just that, an obstacle. It will make it harder to get into REI but not impossible. That is the real truth in my opinion. One of things that I don’t like about some Guru’s is their downplaying this issue. I guess they just are trying to encourage people which is good, but realism is needed to keep them going later.
If you were born with a speech impediment, it would be an obstacle to a career in public speaking - but not one that could not be overcome. We all know stories of people who have overcome tremendous obstacles in their lives and gone on to great successes. Your bad credit is really not that big of an obstacle, yet is does exist. You must learn the methods of REI that are at your disposal until your credit issues turn around. One’s credit can be “restored” in a few years as most of us here know who sell to those with bad credit.
My advise fr what it is worth, read here at this site for awhile, especially the articles and success stories. Go to your library and read all the books on RE investing there. You can learn a lot from these ways. Decide if this is for you before you spend the $$$ on a Legrand bootcamp. If REI is for you, his camp (as well as others that you will here about) are great ways to truely immerse yourself in the subject.
Ken
Re: Bad credit but a real estate millionaire? - Posted by Scott Ewing S.W. Mich
Posted by Scott Ewing S.W. Mich on February 01, 2002 at 07:40:38:
Your credit will cause you to have an uphill battle, but yes it is possible. A lot of the methods discussed here don’t require qualifying but for the others it can come back to haunt you. The point is sooner or later you have to pay the piper. If I were you I would look honestly at myself and evaluate WHY you’re where you are. the reason being that Real Estate investing does require disipline. If you are yet to aquire that trait, then RE investing might not be a solution, but a new burden. Scott
Opps. Slighly corrected. Ignore earlier. - Posted by Ronald * Starr(in no CA)
Posted by Ronald * Starr(in no CA) on February 01, 2002 at 21:34:35:
GL–(ON)----------------
I like this paragraph:
Lucky for you, business morality is very simple. If you pay on time you are a good person.If you don’t pay you are a bad person. If you then pay on time you turn back into a good person.
A succinct description of the situation. Simple. Clear. What more could one want from a guruism?
Good Going Guy!
Good Investing and Good PostingRon Starr*******
Re: Bad credit but a real estate millionaire? - Posted by Ronald * Starr(in no CA)
Posted by Ronald * Starr(in no CA) on February 01, 2002 at 21:33:47:
GL–(ON)----------------
I like this paragraph:
Lucky for you, business morality is very simple. If you pay on time you are a good person.If you don’t pay you are a bad person. If you then pay on time you turn back into a good person.
A succinct description of the situation. Simple. Clear. What more could want from a guruism?
Good Going Guy!
Good Investing and Good PostingRon Starr*******