How do I get into real estate investments through foreclosed properties with no money and bad credit?
Posted on January 18th, 2010 in Renting & Real Estate | 5 Comments »
ernest N asked:
I am looking into real estate foreclosures in oklahoma and they it seeems interesting.The bidding starrts at 2/3 of what the assessor thinks the house is worth but the market valuse of the house is usually higher than the assessed value so there is equity from just buying the house in foreclosure.But i have no money and very bad creit can you tell me the best way to get started.
5 Responses
Tempe Arizona homes
Best way to get started is to get your credit in line. If you don’t have any positive credit reporting that you are paying on time then get a secured credit card. Get several.
If you have open collections, make payment arrangements and pay them off.
Don’t get your credit pulled a lot.
The credit cards you do get, don’t max them out. Keep the active balance about 40% of what the credit limit is. Pay that on time.
Maybe in a year or two years you will be in the position to buy with no money down if those programs are still in existence.
Horses for Sale
You can’t. Unless you have someone to bankroll you. You must fix your credit to get more extended.
Orlando FL Real Estate
you will definitely need to get your credit fixed first. You will not be able to afford the interest rates even if you manage to get a loan. Talk to mortgage agent about how you can do this.
Brigantine NJ homes
100% financing with poor credit is very hard to come by nowadays…..especially on investment properties. Your best bet is to continue repairing the credit and come up with some start-up money.
Malibu condos
You can’t and you don’t want to.
If you find someone to loan you the money, the interest rate will be cost prohibitive.
Buying foreclosures is a very risky venture! If you have no money and very bad credit, this is not in your best interest.