I PURCHASED THE SHEETS COURSE - BUT WHAT ABOUT THE BAD CREDIT ISSUE ? - Posted by Kim

import · July 12, 1999, 9:39am

Posted by Ryan McGee on July 13, 1999 at 12:20:18:

Also, although harder to find, look for non-qualifying assumptions. You’re not even asked if you have a job for those… (I’ve bought 3)

import · July 12, 1999, 9:39am

Posted by Kim on July 12, 1999 at 09:39:03:

I purchased the Carleton Sheets course a few months ago and was very excited about it. However, what can you do when your credit is considered very slow and your husband’s horrendous ? We were able to purchase our first home last year after years of renting. My husband tried to apply for some loans for investing and was denied. It seems that lenders will give you money to live in a home, than trying to invest in one.

Could someone address this topic? For instance, what about the guy on the Carleton Sheets informercial who declared bankruptcy ? How was he able to straigthen his credit out and get loans for no money down ? Will someone clue me in ? My husband and I have paid the majority of our bills off. We are discouraged with the loan process and are considering doing mobile homes as a low start-up investment. My husband and I are new to real estate investing. I would appreciate any replies. Thank you.

import · July 12, 1999, 9:54am

Re: I PURCHASED THE SHEETS COURSE - BUT WHAT ABOUT THE BAD CREDIT ISSUE ? - Posted by Rob FL

Posted by Rob FL on July 12, 1999 at 09:54:17:

Keep doing what you can to clean up your credit. You may want to contact Consumer Credit Counseling. Although credit is not necessary to invest in RE, it certainly helps.

Find people or firms who will loan you money without a credit check.

Here are some examples: seller financing, lease options / rent-to-own, “hard money” lenders or equity lenders, non-conforming lenders.

I have bought properties in the past with absolutely no credit check and no money out of pocket by using the above sources. I hope that helps.

import · July 15, 1999, 1:50pm

Ryan - question for you!! - Posted by Lisa

Posted by Lisa on July 15, 1999 at 13:50:58:

Hi Ryan - your comment about the non-qualifying assumption was good. Any tips on where to start looking for these? Thank you!