How to Invest With Horrible Credit? - Posted by Broke-ivated
Posted by Broke-ivated on August 21, 2003 at 13:26:57:
I’m sure this question has been asked in one way or another in the past, but my search of the archives didn’t help much, so here goes.
For a gazillion reasons, I am EXTREMELY MOTIVATED to become a CRE investor and make deals, and I want to make it my primary focus as soon as possible. However, I have managed to destroy my credit (trust me on that one, it’s worse than you’re thinking) and I don’t have any cash. One of the casualties of my financial difficulties has been my confidence. (Ironically, I am told frequently by people that they admire my confidence, so I am aware that somehow it doesn’t show. Go figure.) All of this has made me VERY gun-shy about diving into the CRE pool.
However, I do have a number of strong points when it comes to making CRE work for me, including: A legal background, very strong people skills, a ton of motivation (though not enough to overcome my fear so far), and a flexible schedule (I am self-employed, but it’s not going well and I need to make better money – immediately).
My question is this: What can I do to generate a decent amount of cash quickly using CRE methods (and, obviously, OPM if necessary)? It seems to me that assigning contracts would be the safest bet, but I have been afraid of something going wrong and being left holding the bag. That would put me under completely. I also find myself gripped with fear when I think about my lack of experience and everything I DON’T know! I also wonder how and where I will find someone who wants to take a contract assignment.
Do any additional CRE methods make sense to any of you? I am open to all suggestions and appreciate any feedback you may have. Thanks!