Bad credit, no job but determined - ??? - Posted by Sherri

Posted by Chris (TX) on July 17, 2002 at 24:27:58:

Bronchik has a book called Flipping Properties that is good. Call some bookstores and you may find it locally. It’s reasonably priced. Flipping would be an excellent way for you to start making some money. Email me if you like.


Bad credit, no job but determined - ??? - Posted by Sherri

Posted by Sherri on July 16, 2002 at 21:23:32:

Tell me, truthfully, if it is possible to buy property with zero money out of my pocket. I’d like to begin accumulating rental properties but I have credit that’s not so great due to an ex-husband not paying our bills when he said he did for quite a while, I’m not working right now because I have gone back to college in my 30s to finally finish, I’m a single mom trying to raise a child on minimal child support.

I have a few credit cards but they are maxxed. No money left available on them to use on real estate deals or fixing up properties.

I’ve always loved going to look at open houses on Sundays and I have a knack for fixing places up. And I realize that if something in my life doesn’t change I will end up without the money needed for braces, car, college, etc., for my child and no retirement money for myself. So I’m willing to devote the study time to learning how to do this and the time to get out there and actually do it.

I’m great with people, a good listener, very professional, and above average intelligence.

I guess what I’m trying to ask is do people REALLY build up a portfolio of rental property or flip houses when their credit sucks and they don’t have a job? Or is this kind of like the mlm hype you hear when someone wants to recruit you?


Re: Bad credit, no job but determined - ??? - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on July 17, 2002 at 18:17:12:

Bad credit, no money, and you want to accumulate rental houses. And in another message you write;

And it makes me nervouse wondering what would happen if you can’t find a renter, or if you have renters for a while and they totally trash the place or when they move out you have trouble finding someone else. Again, once I read the course hopefully I’ll find answers to these questions.

And you should be concerned about these. You have recognized some of the problems that can happen as well as evictions and tenants staying for an extended period with no rental income being received.

So while you are trying to accumulate these rentals, also be trying to get a cash reserve together for those times you will need money to keep things going.

I wouldn’t rule out a job if you really need the money. Plenty of people go to school and work at the same time, it is not unheard of. :slight_smile:

Re: Bad credit, no job but determined - ??? - Posted by Bruce Lawson

Posted by Bruce Lawson on July 17, 2002 at 09:28:30:

Hi Sherri,

I agree with your attorney you are as responsible for the debt as long as the debt was created with both signatures.

What I try to point out to people is that just because something is on your credit report that does belong to you that does not mean that information is reported correctly.

Without someway of identifing these inaccuracies and bringing them to the reporting companies attention the errors will remain. The Fair Credit Reporting Act states “if an inaccuracy is identified and brought to their attention the information must be deleted or corrected immediately”. ICR Services has the program to do just that, identify inaccurate, erroneous, and obsolete information on credit reports also the service offers a 110% money back guarantee.

Take a look at mine and the corporate websites to learn more about the credit reporting industry and the constant errors being made everyday and what you can do about it. and


Bruce Lawson

Re: Bad credit, no job but determined - ??? - Posted by michaela

Posted by michaela on July 17, 2002 at 06:48:29:

i fell into this, because i love to design and decorate. a great book for this (because most other r.e. books are only about making money and not the personal satisfaction of a great renovation) is called ‘housewise’ by suzanne brangham. usually has some copies (have seen it for $ 0.79). i still reread it every so often.

you could also go to your local rei club and find some investors, that you can be birddog for, if you don’t feel that comfortable, yet, with making deals. it would get you a little extra cash.

believe me, determination will get you a long way towards your goal. make it happen!

It worked for me - Posted by Nathan(oh)

Posted by Nathan(oh) on July 17, 2002 at 24:56:45:

I was able to be fortunate enough to make in in re without a job or decent credit. I specialize in sandwich Lease Options, but have done a little bit of everything. I will be honest, without money or credit, you will have to bust your butt, but with enough determination it can be done. There are plenty of times when I wished I had a job, but I figured if I was going to fail I would do it in grand fashion. The only thing keeping you back is yourself, so go do it!

Re: Bad credit, no job but determined - ??? - Posted by Bruce Lawson

Posted by Bruce Lawson on July 16, 2002 at 21:36:28:

Hi Sherri,

Yes those deals do happen and it is possible for you to purchase property even with less than perfect credit. Go to the archives on this site and read as much as you can about situations such as what you are describing. Ed Garcia has a list of nine ways to deal with bad credit, search for those.

Those blemishes do not have to be on your report there are laws in place to assure accuracy of the consumers credit reports, for example the Equal Credit Opportunity Act requires that both parties involved in a credit transaction have their own information reported to their own social security number, that rarely happens.

Sherri call me I would like to talk to you about your current situation I think I may have some ideas you might be interested in. My number is 1-877-842-3297.


Bruce Lawson

Re: Bad credit, no job but determined - ??? - Posted by Sherri

Posted by Sherri on July 16, 2002 at 22:40:42:

Actually I have checked about getting the bad credit taken care of. An attorney and a credit counseling service (one of those free, non-profits) told me that, since I was joint owner of the accounts, I was just as responsible for the accounts legally. So I was foolish to do like a lot of women do, hand over my paychecks, and let him do the finances. I was totally blind to everything he was doing – or not doing in this case.

Meanwhile I have no money to use as a downpayment on anything, nowhere to turn to get the money (family, etc.) and a job is out of the question because I am determined to finish my degree. After years of putting HIS goals ahead of mine and working crappy jobs so he could concentrate on law school, it is my turn and I am not going back to crappy jobs ever again.

Problem is, my interests lie in the creative arts which means I am seeking a lot of personal and creative fulfillment from my career and I recognize that my chosen field does not pay well traditionally unless you get lucky and make it big.

That’s another reason I want to do RE and do it right. I’ve tried multi-levels, direct sales, whatever you want to call it. I’m tired of the hype and empty promises. I’m tired of working hard and relying on the people beneath me to work hard as well so I can get paid for what they do. I’m tired of constantly working my business every waking hour (as in, each time you go out you must look the part in case you run into someone who would be a great new recruit…). I want to rely on myself and myself alone, not generations of people who need me to be their leader and need to have their hand held every step of the way or they won’t work their own businesses or won’t share ‘the vision.’

I am gradually taking care of the bad credit by making my credit card payments on time, almost have a 5-year new vehicle loan paid off (well it was new at the time), make more than the minimum on my payments when I can handle it, although it’s tough when I’m a full-time student.

Now I’ve got the credit cards to deal with and I know it’s wise to do more than minimum payment although I don’t think I can wipe them out until I get some money coming in from something like RE. And I want to get the student loans paid off too.

Thanks for the info. I will go back to the main part of this board and read some more. I’ve been reading for a couple of hours now.

I called and ordered the Carleton Sheets course today. They have a special where you pay $9.95 and can review it for 30 days, and if you return it you owe nothing. I’m quick so I’ll go through it all as fast as I can and return it. Ha! I’m sure once I read through it, things will make more sense. Or maybe I’ll have even more questions to post on here!

Back to my reading I go…

Re: Bad credit, no job but determined - ??? - Posted by JoeMvDC

Posted by JoeMvDC on July 17, 2002 at 07:31:24:

For Carleton Sheets, when you finally call to return it, they offer you a half price to keep it or they will extend your time to read it. For the book by Bonchick that Chris mentioned, I found it in my local library. check yours also.