Doing REI after a Bankruptcy.... - Posted by Pam

Posted by Jim IL on January 10, 2001 at 23:14:14:

Not sure what your definition of success would be, but I have a BK in my past.
And I do this full time.
I have never taken a loan out in my own name, nor had my credit looked at by any single seller.
Some of them even know that I have a BK in my past.
That is an experience I’ve used when talking to them about how they can avoid this, by selling to me.
If I can do this, anyone can.
It just takes education, persistence, and a good attitude.
Keep at it, and you will get deals.

Good luck,
Jim IL

Doing REI after a Bankruptcy… - Posted by Pam

Posted by Pam on January 10, 2001 at 21:04:23:

I am very discouraged because I had to file bankruptcy this week. There was no other way. I had been fighting extreme medical debt for over a year and it became overwhelming. I tried to sell my home to get the money to pay off the debt, but it hasn’t sold. I spoke with many professionals and an attorney friend, and Chapter 7 was recommended.

Anyway, I am wondering how this will affect my ability to do REI. I am just starting, but ready to make offers and maybe do L/O for awhile. Should I wait for a couple of years before beginning or can I start now? Will hard money lenders even help me now? I am a little scared I will find a great deal, make the offer and then have no hard money lender to fund it.

Any advice appreciated. Has anyone else succeeded in REI after filing BK?