Help! Have I been had by late night ad!
Question: I coughed up the $200 bucks to buy a late night real estate course becuase I had bad credit and no cash. I haven’t been able to buy 1 house so far because everybody seems to want a credit check. Once they see the credit, they basically slam the door.
What am I doing wrong????
Answer: So far, you have not found anyone motivated enough to do business with you. There are two possiblities that I see…first, you may not have looked hard enough. Second, the current economy might make it such that there are very, very few people highly motivated to move property.
I think you should run through the course again. You have run up against a problem. Logic would tell us that banging your head up against this problem over time is not going to help, all it will do is give you a headache. If a good credit report is your problem, then find a good credit report to bring to the deal table. You can do this in a number of ways. First, you can find an investor to back you up. Second, you can find a partner to do the deal with. Third, you can form a corporation, and then establish clean credit for your company. There are a lot of people out there that would like to dabble in real estate, but who don’t have time to look for properties themselves. Ask around at your local investor’s or real estate association meeting. Follow the money. Ask everyone.
Your next goal should be to clean up your credit and save up some money. It is so much easier to buy that first property when you and a partner can each kick in 10%. Once you get rolling, things keep getting easier. I worked far harder the year that I made $8,900 than the year that I made $200K.
Related Posts
Filed under: Bad Credit
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.