Hello...I have been reading everything i can get my hands on here but this is my first official post. I am looking for some general advice about financing so that i don't make a mistake right out of the gate. I actually have done several different real estate deals through the years, my first being a 3 unit rental that i bought in the mid 90's. In 2008 I lost my son in an auto accident ( and in 2006 i lost my nephew in another auto accident) and i really slowed down my investment activities. Recently, I have made a commitment to get myself back on track and start growing my portfolio again. However, my son's death, and the subsequent divorce (and mental shut down) really hurt my credit. I have been working hard to clean things up but i had my head in the sand for a good many years so it will take a little while to get things back up to my pre-2008 credit score of over 800. My score is hovering around 655 currently. I have no mortgage on the 3 unit building (roughly valued at $70,000, and a single family home (roughly valued at $60,000). I owe 86,000 on my home which is valued around $175,000 and i co own a commercial rental we owe $68,000 on and it is valued around $150,000. I also co own a mobile home on a piece of lake property valued around $40000 (free and clear). I have flipped a couple houses, one of which i purchased for $6000 and completely gutted and rebuilt it. I also have done many renovations in units i have owned over the years. I enjoy every detail of fixing and flipping very much, from rethinking the layout to choosing the color scheme. I have always done as much as i can myself (i love doing tile work and painting). I am eager to do a few fix and flips but i am most interested in multi unit rental. I feel..frozen with fear at my less than perfect credit, even though i know i have a nice advantage with so much equity just sitting there untapped. To give even more details about myself, i have an associates degree in business admin, and a bachelors and Masters in accounting. I teach accounting at the college level. I have a teaching license to teach business in middle and high school charter schools (but i havent actually taught at this level yet) I am an Enrolled Agent and work seasonally for Intuit in their Turbo Tax division. I also own my own tax practice and handle tax resolution cases for Tax Defense Network. If that doesnt keep me busy enough, i own a small town liquor store. In the past, i enjoyed putting deals together...figuring out a way to make it work. I owned a restaurant at one point, and traded it for a single family home that i flipped. I have put together several deals simply by asking the seller to take a second mortgage for 20% of the purchase price...that was back when my credit was strong and i had established bank relationships. I am asking for advice on how to start back into the real estate business, with my first goal to be to acquire more multi/single family rentals to buy and hold for cash flow, and also to fix and flip some homes so i can build up some cash reserves and pay off my student loans.
Thanks for listening and for all of your advice!
Wow, you are busy. Are you looking for commercial or hard money? I am interested in what you are needing. Let me know if I can be any help to you.
In advice, I will say that your credit score might hurt you a little in interest rates but it is not a no go situation for me and should not keep you wondering.
You have experience that should allow an investor to overlook the other factors.
Condolences for your son.