Bad Credit - Posted by Martha

Posted by John Corey on May 19, 2006 at 05:27:41:


A person with a bad credit score is assumed to be someone who can not be trusted to keep their bills up to date. This is a judgment that comes from the individuals track records. Hence a pretty strong indicator about the future for many folks.

So, stop trying to obtain a loan. At least stop long enough to think about ways to control property without obtaining a loan in your name.

Search for articles and posts on ‘subject-to’, ‘lease/option’, ‘hard money’, ‘options’ and ‘seller financing’. All three will let you make a bet on the properties future value without actually approaching a traditional lender. You can also partner with someone who supplies the funding (either they have cash or they can obtain a loan).

Getting back to obtaining a loan with bad credit. You do not need great credit. Hence there might be lenders that will work with you now. Or you can find a way to pay off some of the bills and raise your credit score.

John Corey

Bad Credit - Posted by Martha

Posted by Martha on May 18, 2006 at 17:59:06:

I just have a question about how someone with bad credit can buy properties. This is a road block I had and really don’t know what to do. I need to start investing in properties but no one would give me a loan. I hear that there are creative ways to buys homes, but no one whats to do any.

Re: Bad Credit - Posted by Adrian

Posted by Adrian on May 20, 2006 at 16:13:08:

Hey Martha,
Good question, now in these days bad credit is common and lenders
that once before never gave loans to people with it, now do. If you
search for something like { no doc loans, stated income, etc) these are
probably your best bet as in trying to acquire property The interest rate
tends to be higher or they may get you to prep your credit before they
work with you. Let me know if you have any other questions