Posted by Broke-ivated on August 22, 2003 at 09:13:13:
Jorge,
Thanks for the feedback and the helpful ideas. I will check out the website you mentioned. Credit repair is part of my strategy, to be sure, but I need to generate $$$ quickly, so my post focused on that piece of the puzzle.
Also, I hope my post didn’t come off as bragging – nothing could be further from the truth. This has been an extremely painful and difficult period, and certainly nothing to brag about. It has been completely humbling, though it has given me the motivation to think outside the box, which is why I am here at this site. CRE is my response to the thought that has often run through my mind: “There has to be a better way.” Obviously, many people at this site would agree that CRE really is a better way. Thanks again.
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!
Have you thought about thinking about what got you in the position you are in that gave you that bad of credit. Then do the opposite from today on! Go to Creditnet.com and learn how to fix your credit report. Even though their is many ways to make some money doing birdogging and flipping and a ton of other ways, I think its better to be proud of going from a 400 score to an 800 score than to brag about having horrible credit… but I won’t let that stop me … thinking…It will make your life ALOT easier… I think this is hard enough to do with good credit… AT first… why continue making things hard… But I am sure you probably already knew that and you are doing everything you can to clean up your credit and pay your debts…
With no credit, money, and a fear of risk, probably the best thing you could do is bird dog, which means you find leads for other investors, who then pay you a referal fee if they end up buying that property. this fee generally ranges from $500-$3000, depending.