Posted by JFinke KC on July 12, 2002 at 10:16:25:
The Sheets program is good for beginners, however, the information he presents can be gained through books and this site at a fraction of the cost. Although I have the Sheets program, I really wouldn’t recommend it mainly because its too pricy for the basic information it presents.
When you are dealing with lender-owned property (REOs, that lender wants to cash out of the property which means you will either have to pay all cash or obtain financing. Poor credit obviously limits your financing options so you will need to explore sub-prime and/or hard money lenders. Lenders can be difficult to deal with on REO properties and will generally want you pre-qualified before entertaining any offers you make.
If your credit is so bad you can’t qualify for any loan, look into techniques that don’t require financing, like flipping, lease/otions, subject to’s, etc.
Truthfully, foreclosures are not a good area to start investing in for a person with bad credit and no cash.