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Justin B.
  • Lakewood, OH
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193
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150k and bad credit

Justin B.
  • Lakewood, OH
Posted Dec 10 2013, 14:27

I have bad credit; some old medical bills, one bad credit card and some student loans as well. My credit is shot for now, and I have been slowly repairing it and paying things off, but no bankruptcies.

I am sure I dont qualify for financing let alone fha I assume, but have access to 150k.

I live in Cleveland and my niche is landlording. I share ownership of one duplex already in a nearby area. I want to acquire 2-4 unit properties and I am open to partnering up.

I thought about going through a home inspection course to understand what I am looking at when finding properties, and I wouldnt mind going through a rehab course or apprenticeship either (I have laid asphault before) in order to price out repairs and oversee contractors, eventually.

Around me are duplexes ranging from 35k-55k that will cashflow for 550 month for 2bd with rehab costs ranging from 1-5k for each unit depending on how turnkey I find the property in.

What would you do in my shoes? Buy cash, partner up, a mix of hardmoney and cash? Appreciate any recommendations!

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