Bad Credit - Posted by Eric P. Martin


#1

Posted by Redline on November 30, 1998 at 20:22:47:

If you read some of the “How to” articles and “Success stories” you’ll realize that your credit being bad should not stop you from purchasing RE.

You just will be looking for ways not to go to banks for money. Sellers provide the largest source of money for you to borrow.

Do your homework. Study. Learn. Then do it.

RL


#2

Bad Credit - Posted by Eric P. Martin

Posted by Eric P. Martin on November 30, 1998 at 19:26:48:

I would like to buy some property for myself that I can
live in as well as receive some income from. So I’m
looking to get at least a 2 flat apartment. Is it next
to impossible to do this with very bad credit?


#3

Re: Bad Credit - Posted by Wade FL

Posted by Wade FL on November 30, 1998 at 22:47:57:

HI:

I sure helps if you have good credit but dont let it stop you from real estate investing.

There are certain techniques such as lease options and straight options that you can use to make a lot of money in the business!

As a mortgage broker, it has been actually EASIER for me to get home loans approved for clients with shady credit as long as the seller is willing to hold a mortgage. I have seen a lot of changes in the B/C market (grade b and c…and even D (foreclosure and bankruptcy)) and it is easy for people with shady credit to get home loans. The wild thing about B/C lending…in most case…clients can buy the house and pay less closing costs…B/C borrowers can get up to 6% of the purchase price in closing costs financed whereas A borrowers are limited to 3% ! Applies to loans that I have done in FLORIDA only.

So dont get discouraged. PMA = Positive Mental Attitude…from a great book written by Lonnie Schruggs.

Take it with you every where you go…March forward and dont look back…

Warmest Regards,

Wade