Financing with recent bankruptcy

3 Replies

I did a chapter 7 bankruptcy about 2-years ago.  Really wanting to turn my financial life around starting with low-cost real estate deals.  Currently I have about $20,000 in savings and am looking at (rural) homes in the $30,000 - $50,000 price range to purchase as buy and hold rental income properties.  My goal would be to tie up as little money as possible and get financed but I'm assuming this may be hard to do given my bankruptcy.  Has anyone had similar situations that might be able to give me advice on this?  Thanks a bunch! 

IFAIK you cannot get a mortgage until 4 years after the discharge date. That date is on your final paperwork that you got from court or your lawyer. Until then, you're stuck with trying to find an owner who will carry the paper, finding an investor who can get the mortgage or buying in cash. There might be another option but I can't think of any more right now