Bankruptcy and RE Investing - Please help! - Posted by T2B - FL

import · March 16, 2001, 6:03pm

Posted by Lazaro on March 16, 2001 at 19:57:42:

Tom,
It is going to be hard to get a loan after bankruptcy. But you can continue to do L/O and maybe seller financing. I am also in Florida. Hope that helps.
Cordially,
Lazaro

import · March 16, 2001, 6:03pm

Posted by T2B - FL on March 16, 2001 at 19:03:36:

My fiance and I have been put in a very precarious situation and may have to file for bankruptcy, even though we do not want to. Has anyone out there successfully started real estate investing shortly after filing for bankruptcy? If so, please let me know how you did it and what pitfalls I may need to keep in mind. You can also email me directly (off-line).

I am a newbie, with one sandwich LO under my belt. We don’t want to file but we may have to. I just want to make sure that I will be able to provide for us if we do file.

Any help is greatly appreciated!!!

Thanks!
Tom

import · March 18, 2001, 8:46am

Thanks! - Posted by T2B - FL

Posted by T2B - FL on March 18, 2001 at 09:46:47:

I just wanted to thank everyone who has responded to my post! It really means alot. When you are facing bankruptcy, you feel all alone and don’t know which way to turn.

It is good to know I can always turn to my friends at Creonline.

Thanks!
Tom

import · March 17, 2001, 7:39pm

Re: Bankruptcy and RE Investing - Please help! - Posted by Douglas

Posted by Douglas on March 17, 2001 at 20:39:46:

Tom:
Several notable investors come to mind in answer to your question about other investors filing bankruptcy. Some of them post here. For example, you could do a search on Lori Sampson. Swamped with medical bills. Started over and has excellent record today. She mentions that in a post or two here.
Concerning your own credit. There are ways to profit in real estate investing that do not require your own credit. One company is funding nationwide and their associates credit is never involved. They Flip, Assist, etc. No problem…Douglas

import · March 17, 2001, 5:02pm

Re: Bankruptcy and RE Investing - Please help! - Posted by Scott M.

Posted by Scott M. on March 17, 2001 at 18:02:48:

Keep in mind that almost anything is possible if you don’t give up and if you’re willing to be creative. Bring in partners, relatives, etc. If you have a good enough deal, who wouldn’t want in?

Who knows, if you can find a good property in a hurry that you can quickly flip, perhaps you can avoid a bankruptcy.

Also, don’t forget, you have the good people here at CRE Online for support.

Best of Luck!!
Scott M.

import · March 16, 2001, 7:36pm

Bankruptcy and RE Investing - Posted by Ken (ILL)

Posted by Ken (ILL) on March 16, 2001 at 20:36:47:

You probably can continue doing business, but you may have to concentrate on doing wholesale “flips”, options and L/O’s. When you are doing flips, you may need to find a hard money lender to get you through the first few. Be careful not to let them “take you to the bank” and charge rediculous rates. The first few will be high, but as your business grows, and your reputation for repaying gets better, the other lenders will start coming out of the woodwork! Also talk to your doctor(s), lawyer(s), and anyone that has some money in their IRA or bank account that may want to increase it. Get them to finance you! There is always a way… just don’t expect to go to a bank and get a loan right away…(or maybe anytime). There are enough brokers out there to keep you in business!
Good Luck… I hope you don’t have to do a BK!
Ken