How to fund deals with bad credit?

6 Replies

@Nicholas Polito I recommend reaching out to a local bank and ask if they can offer a portfolio loan to you. Portfolio loans come in handy if your credit score is lower than what most banks take for a standard FHA, Conventional loan, ect.

Best of luck!

@Nicholas Polito , you would be looking at hard money only. This isn't impossibly by any means. You will need to have some cash to close.  The reason I say that is that in my experience, someone with a very low FICO looking for debt also needs max leverage. 

agree with @Omar Khan  

your credit score is a record of your past transactions. It's not always fair, and it's a gross oversimplification of a person's story, but it's also a ubiquitous metric for a person's responsibility. for better or worse.

you can get around it maybe, but it'll be much easier to just fix it up. Otherwise you're going to be endlessly explaining why it's like that to lenders, and it's going to close a lot of doors to you. 

AND it's going to make everything in your life more expensive. 

fixing credit is a small problem, solve that one first imo 

@Nicholas Polito   Agree with others above and probably not what you want to hear. Purchasing real estate is probably the biggest purchase in life.  Need to have the financial house in order to address appliances breaking, roof leaks, code changes, evictions, and all the other expenses that come with owning property.

There are two solutions. The first is to repair your credit, there are even services that I have referred to clients to help improve their scores. The second solution is to borrow on collateral/cashflow. There are many lenders who work with bad credit, typically at a premium. Feel free to DM me if you have any questions, I have worked with a lot of clients in similar situations.