REI with BK?

[Dan Kim]

Hello BP community! I've wanted to get into REI, specifically in long term rentals, and someday, vacation rentals in an area my family likes to go to, but my greatest obstacle is that I am 2.5 years removed since my bankruptcy was discharged. With very little capital to work with and conventional lenders keeping clients like me away, I was wondering if anyone has had similar circumstances and found ways to start their careers even with the "scarlet letter" written across their credit score.

I've learned about the BRRRR method, but get stuck where I refinance with a lender, as mentioned. I don't want to be stuck with a hard money loan. I've also thought about partnering to work around that. Would love to hear any stories, advice, comments. Much appreciated!

[Chris Davidson]

@Dan Kim creative deals are going to be your friend. Owner carry properties, and sub2 deals. These are ones where you don't have to qualify with a traditional lender. Focus on building capital and learning about these methods if you are looking to get into RE. I would avoid Hard money until you are financeable. Or like @Kerry Noble Jr bring on a credit partner or someone who will stake their credit on the deal and they get a cut just for having good credit and/or adding some capital to the deal.

Best of luck you can make it happen!