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im an aspiring real estate investor and devolper. Im currently getting my real estate and appraisal licsense i wanted to know what can i do to get started witb my own property my credit is shot so anything that doesnt need my credit score would come in very handy 

welcome to bp @Kirshner Baptiste

read,listen to the podcasts,ask lots of questions and get out and learn your market 
look for creative deals such as sub2 or owner finance with bad credit and little money 

@Kirshner Baptiste -  It might take a few years if it's really that bad, but if you're serious about becoming an investor, you should commit to improving your credit score.  That will open up a lot more options for you.  

Without decent credit, you're going to be limited to jobs in the industry (not really investments), or cash only purchases or partnerships.  Most serious real estate investors would be wary about partnering with someone with bad credit.  

Appraising is a good start.  You'll be in the industry, making some money while you learn about the market.  I hope other BP members have some more ideas for how you can get started while you work on your credit.  Good luck!  


@Mark Brogan ,  Good ideas.  Can they really work without decent credit, though? I would imagine most sellers are still going to want to see decent credit.  They can be more flexible than a bank, though, for sure.  Subject to is getting harder and harder. Can you really get approved with bad credit?

@Kevin Siedlecki if sellers need to sell they won't care about your credit 

If they just want to sell they will not sell it cheap enough for it to be a good deal 

You are looking for people that are motivated sellers 

Not people that just say they are motivated and then ask retail value for their house 

@Mark Brogan - Of course, but you were talking about seller financing.  A seller as such won't care about your credit, but when the seller is also the lender he will.  The subject to has to be approved by the bank, too, right?

@Kevin Siedlecki yes if you are buying from banks they will care about your credit 

But if you are marketing to find deals the sellers will most likely not care about your credit

No bank will ever approve a sub2 deal 

Look up sub2 deals in search bar 

Lots to read on the subject

BTW, check on the application process with your state, just because you pass a test to be an agent or appraiser, doesn't mean you get a license and your credit is part of that process. The issue is that people who are in debt, have financial problems, can't pay their bills may do things they aren't suppose to in order to cure their problems, that's why credit is a big deal in getting a license. If things were beyond your control, like medical bills, those issues may be over looked. So, first, take care of your credit. Anyone doing seller financing will also be looking at your credit. Good luck with your education, that's the way to start! :)

@Mark Brogan - I think you misunderstood my point about seller-financing above.  Of course a seller who is getting rid of the property won't care what your credit is, but if he's taking on the financing he probably will. 

I don't know much about subject to, just that my loans all have clauses in them saying that I can't do it.  Are investors treating that like a due on sale clause for transferring ownership?

@Kevin Siedlecki

Lots of sellers will care about your credit 

Some won't as well 

Sorry I misunderstood

@Mark Brogan - have you done subject to purchases?  I have no experience with them, so I'm just curious.  How does that work if the bank doesn't have to approve?  

Originally posted by @Mark Brogan :

welcome to bp @Kirshner Baptiste

read,listen to the podcasts,ask lots of questions and get out and learn your market 
look for creative deals such as sub2 or owner finance with bad credit and little money 

 Thanks a lot @mark Brogan very helpful advice 

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