Poor credit looking to invest in multi unit for rental

3 Replies

Cash. Owner financing. If you have bad credit, it means you have a history of not paying your bills on time. That is your fault. Save up cash, partner with someone with good credit and do all of the work, get owner financing, or stick to wholesaling.

Are you attending local Real estate meetups in your area?  Partnering up with someone or paying cash would be a good way to go.  Although having poor credit might turn some investors off.  Work on improving your credit.  Pull your free credit report from annualcreditreport.  Keep your credit card balances under 5% if you can.  Anything in collections needs to get resolved,  Payments on other items you are behind on needs to be caught up on. Over 30% of your credit score is just paying things on time.  It can be done.  I went from a 750 credit score down to a little over 500 when I foreclosed on my first house.  I couldn't even get a car loan with a cosigner.  It took me 8 years to rebound and get my life back in order.  Knowing what i know now I could have done it in 3 or 4 years.  Oh well. live and learn.  Best of luck to you.  I am a firm believer there is an opportunity in real estate out there for everyone in one shape or form.

Brent is right.  Fix your credit!!! In the meantime, work under a contractor so you learn to fix a house.  Then when your credit is fixed and you are ready to invest, you don't have to pay someone else to fix it.