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Updated about 6 years ago on . Most recent reply

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Chris Smith
  • Rental Property Investor
  • Norfolk, VA
0
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3
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I have bad credit but looking for second rental

Chris Smith
  • Rental Property Investor
  • Norfolk, VA
Posted

I have had a rental for about a year now. Brought for 67k estimated at 90k. Mortgage 570 (fha traditional 30year) rent is 900. I also tryed to sell my home wIth tenants for 78k and pay off debt and startIng over, but nobody wanted It due to tenants already lIvIng In It. ( great tenants btw). But most buyers wanted It for fIx and flIp I belIeve. How should I go about getting my next property. I would love to get a hard money lender but I’m scared I wouldn’t get a loan do to my seriously low credit score (let’s just say under 500 smh). Also I work for USPS I make about 50k a year. What are some of my options? How could I get money to start my journey to financial freedom? I feel like I’m stuck. Helllllp!! 🙏🏾

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131
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59
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Daniel Molina
  • Lender
  • Charlotte, NC
59
Votes |
131
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Daniel Molina
  • Lender
  • Charlotte, NC
Replied

@Chris Smith Not every lender has a credit requirement; however, they may not offer you as much leverage as they would someone with a higher FICO. 

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