Posted by Robert on July 08, 2003 at 22:13:15:
Thank you for your comments. BTW, I did recieve alot of mail from investors that would buy the house. So I somewhat know the routine. However, this propery wasnt just any other property. It was in my family for over 75 years and letting it go would be very hard to do. Needles to say, it went. Agin its a long story but I did learn from it unfortunatley.
Here is my deal 
- Posted by Robert
Posted by Robert on July 08, 2003 at 16:15:39:
I live in Massachusetts. The price of real estate is extremely high close to Boston. I had made some serious mistakes in business that affected my assets. I went through a Ch13 Bankruptcy to salvage my property but a 2900 mortgage was just too much for me to handle. I couldnt even sell the property and break even. Its a very long story. Bottom line is, while I lost my very first home to forecloser and have a very low credit score: How is it possible to borrow with my history?
I am a veteran and got denied a VA loan. I am working two jobs making as much money as I can to pay off about 40G in debt and really see Real Estate as a way to get back on my feet. Even though I had a very bad expeirience.
Any suggestions or mentors out there that would be interested in advising me?
Thank you very much.
Re: Here is my deal - Posted by MJK
Posted by MJK on July 08, 2003 at 23:34:08:
Hello Robert,
Where in MA are you??
Re: Here is my deal - Posted by Arwen (NJ)
Posted by Arwen (NJ) on July 08, 2003 at 20:35:10:
Robert-
Others have given you some very good suggestions, so I won’t rehash them. Here is a thought that I had that may be something to keep in mind…
Your experience with losing a home to foreclosure gives you a huge “leg up” on some of the rest of us when it comes to speaking to distressed homeowners. You know what it was like, how horrible it felt, and what it did to your credit. That will translate into a lot of credibility when you are ready to get out there and start trying to make deals. Imagine what you would have done if someone had come to you and said “I will buy your house from you and take over your payments. You don’t have to worry about it anymore”. That is buying “subject to”… and it is something you can learn about on this board.
I wish you the best of luck.
Re: Here is my deal - Posted by Tom-FL
Posted by Tom-FL on July 08, 2003 at 18:09:06:
Write a contract to purchase and then sell (assign) the contract for cash. If in good shape, assign it to retail buyer. If a junker, assign it to a rehab investor.
Buy very low 60% ITV or less and little fix up using hard money. They look at equity, not credit (most of them). Then rehab and retail.
Buy house “subject to” the existing mortgage, just have them give you the deed. Sell to retail buyer and use their loan to pay off sellers mortgage. If the seller insists on cash, either move on or arrange to give it to them at a later date (second mortgage). Buyers loan and cash cover all indebtedness and hopefully at least 10k in your pocket.
Buy on lease option. Again no cash from you, lease option to tenant/buyer for more than you pay.
Well that’s four out of a few hundred ways to buy with no loan (except the hard money) and no cash.
Partner up with someone who has cash and credit and no interest in learning real estate or getting dirty fixing stuff and use their cash/credit to do your deals and split the profit. Don’t know anyone? Do you know a doctor, dentist, car dealer, your boss, your father-in-law, stock broker, accountant, keep thinking. No? Then put an ad in the paper looking for money partner. When talking to lawyers, accountants, financial planners, etc., don’t forget to ask if they have CLIENTS who would like to have their money earning a decent return.
Two of these strategies do not even involve “buying” a house. Only “creating” a contract to buy (or lease), and selling the contract.
Re: Here is my deal - Posted by Anne_ND
Posted by Anne_ND on July 08, 2003 at 17:43:07:
Robert,
I’ve bought a number of houses using seller financing and borrowing 6% (from credit cards, friends, family) to put down. At no point was I asked to provide a credit report, and had I been asked the answer would have been no. So it is possible to do this without anyone checking your credit. But you have to carry yourself like a person who does have good credit. Be on time, keep your word, go the extra mile.
If you can get someone to lend you a few thousand dollars I suggest you look into mobile home investing, or at least look outside of the metro Boston area. Get Lonnie Scruggs’ book Deals On Wheels (available at this site). Even if you go into a different field of real estate investing, the lessons in that little book will be very helpful.
Another suggestion: read The Richest Man in Babylon, get your feet back under you and start investing in yourself.
Good luck,
Anne
Re: Here is my deal - Posted by GL - ON
Posted by GL - ON on July 08, 2003 at 16:55:52:
Take a look at the Success Stories (link at the top left of the main page).
There are lots of ways to buy or at least control real estate with little or no money and bad credit.
It takes money to make money - but it doesn’t need to be your money. You can use other peoples’ money and other peoples’ credit.
One is to buy on a contract for deed, or subject to the existing mortgage. Another is for the seller to take back a mortgage. Combine these two and you can not only buy for nothing down with no credit check, you can get cash back at closing.
Re: Here is my deal - Posted by Robert
Posted by Robert on July 09, 2003 at 10:50:54:
I am located in Sharon , MA