Is this a problem? - Posted by SteveW(TX)

Posted by B.L.Renfrow on March 02, 2000 at 22:30:28:

In your situation, your first goal should be to generate some cash to pay down your debts. If I were your fiancee, I would be extremely hesitant at this stage to even consider taking on any personal debt for investing. You would do better, in my opinion, to look into opportunities which can generate cash with no - or very little - money out of pocket. Some areas to consider would be wholesale flipping, lease-options, note brokering and the like. If you don’t know how to do these with no money down, then get busy reading the articles on this site!

Before you do another thing, you also need to sit down and figure out why you have bad credit and $30k in debt, and more importantly, what you’re going to do differently to keep from getting in over your head again. I’ve known plenty of people who earn over $100k a year, and they are always dead broke and have bad credit, so don’t make the mistake so many do of thinking that just having more money will solve the problem.

Another resource which you might find helpful:

http://www.creditinfocenter.com

Brian (NY)

Is this a problem? - Posted by SteveW(TX)

Posted by SteveW(TX) on March 02, 2000 at 15:33:01:

Not sure if this is a problem or not and would appreciate some input. My fiancée and I are partnering in our investing business. I have bad credit and 30K in debt due to a bad turn of life’s events. My fiancée has good credit, but it is all new as she is 21. We are thinking of putting any mortgages in her name. What kind of potential problems do you think we will be facing, and how do we get around them. This group has been extremely informative in the past, thanks to all who contribute!