Awhile back I fell for a scam while trying to learn real estate. I didn't know what I was doing, did not do my due dilligence, and did a short stint in prison. I want to get back into learning about real estate investing, do some deals, and make some good money. I'm not the kind of person who's happy doing the 9-5 job, and do not think that just because i made a mistake I should be punished the rest of my life for it. Of course I have $300,000 that the state wants me to give them, and while to a great degree it was a victimless crime I do want to make money the right way.
What challenges will a felony record bring in regards to doing real estate deals? thoughts and opinions welcome.
You can't underestimate the importance of reputation, but people sometimes deserve second chances.
My advice would be the same if this question was asked about something you did wrong at work, in a marriage, or anything else.
Start small, never ever do anything to cause doubt, be consistent and patient in repairing your reputation. Eventually people will regain their trust in you, but some won't and you probably just need to accept that.
I would also add to be up front early about it with anyone you might be partnering with. If they find out on their own, it won't look good on you. It's like they say, secrets don't make friends. :)
$300k in restitution?
If that $300k judgement shows up on your credit report, you will have a hard time getting traditional mortgage financing until it is paid. Which, incidentally, could hurt your ability to earn enough money to pay it back... We are so smart in our country with our criminal justice system, aren't we?
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