Life After Bankruptcy

5 Replies

What is the best way for a newbie to break into the business with creative financing that has filed bankruptcy (May 2015) and does not currently have any reserves?  I do not want to keep putting my dream on hold.

I won't recommend creative financing for neophytes in any business.  The path to financial Independence is simple: work hard, be frugal, give yourself a raise by switching jobs or improving your qualifications, invest in low cost index funds, and ignore get rich quick nonsense. 

Best, 

F

Originally posted by @Latisha Haynes :

What is the best way for a newbie to break into the business with creative financing that has filed bankruptcy (May 2015) and does not currently have any reserves?  I do not want to keep putting my dream on hold.

 Filing a bankruptcy and having a bankruptcy discharged fully are 2 different things

I would start a consulting business and help people that have bad credit improve their credit on lease to own

Learn about the fair credit reporting act

Read everything on this website 

www.upgrademycredit.com

I would then get a secured Visa card where you deposit $500 and get a credit line $500 and they report positive history

Then I would take $1000 and go down a major bank to get a secured installment loan and asked if they report secured installment loan credit history to the bureaus

Also get 1 Macy's card once you get the secured visa paid on for 6 payments

Other things you can do is learn about subject to existing financing, Wraps, JVs, private lending etc

Good luck!

Of course there are creative ways to start off. 

Here's one suggestion.

My suggestion would be to farm a neighborhood, meaning that you get to know all the houses, and price ranges, recent sales, go to open houses and see what's offered and how quickly some of those houses sell or not and what it was that may have made them different. 

Go to your local REIA and meet others. Possibly find a financial partner, who's willing to finance a good wholesale deal, so that you can purchase, sell to another investor and split the difference.

That's one way

@Brian Gibbons Thank you so much for your tips.  I felt great because I am already on the right path.  I have a secured credit card since last May. I never thought about an secured loan, so I will do that.  Thanks again!

get a partner, pitch him/her on the value you bring to the table (i.e. boots on the ground, etc.)...along with a short business plan...

get a hard money lender who is comfortable lending based on the strength of the partner...tell them your story up front...

good luck