| If you've personally been touched by the pain and | | | | deals. You won't be placing these properties under |
| embarrassment of bankruptcy you may think that | | | | contract-your job simply involves sniffing these |
| your life will never be the same again. You may also | | | | properties out and letting the investor know what |
| believe that real estate investing is a thing of the | | | | you've located. When he or she closes the deal you'll |
| past because lenders will forever consider you to be | | | | receive a "finder's fee" for the project, which puts |
| damaged goods. Fortunately, life does go on and you | | | | cash in your pocket and gives you practical, |
| will recover from this. However, it will take time | | | | real-world real estate investing experience. |
| before some lenders will consider lending you money | | | | Wholesaling-This is a step up from bird dogging. You |
| for your real estate investing activities, although you | | | | take the same steps of locating the available |
| do still have options. Here are some steps you can | | | | properties, but you also incur more risk by placing the |
| take today to begin the recovery process-while you | | | | property under contract and "selling" your contract to |
| invest. | | | | another investor for a profit. Depending upon how |
| Credit won't be as readily available to you, so the | | | | good you are at this, you can realize a substantial |
| first order of business for you will be to try to | | | | income by wholesaling. |
| quickly build some positive credit. There are several | | | | Partners-Your credit may be badly bruised |
| good ways of doing this. Here are just a few: | | | | temporarily, but if you stay motivated you can find |
| Secured Credit cards-After a bankruptcy your | | | | partners with cash to lend on a real estate |
| personal credit rating is in the tank. Most traditional | | | | transaction. You can utilize partners for their cash for |
| credit card companies- even those that charge an | | | | a short term loan for buying distressed properties at |
| annual fee, won't want to touch you right away. | | | | rock-bottom prices, rehabbing them quickly, and |
| However, it won't take long for them to be willing to | | | | re-selling them for below market prices for a quick |
| take a chance on you. You can grease the credit | | | | profit- and a fast payback. There's also a possibility |
| wheels by getting a secured credit card, which is | | | | that you can find investors that are looking for an |
| simply a savings account with the issuing bank with a | | | | ownership stake and a portion of the cash flow |
| deposit equal to your credit line. By requiring this | | | | generated by properties in which you invest. You can |
| deposit, the issuing bank has some assurance that | | | | locate prospects among your family and friends, your |
| they'll receive the lion's share of their money in the | | | | local REIA meetings, or even by advertising on Craig's |
| event that you default. You'll want to utilize the card | | | | List. |
| regularly and pay at least part of the balance off | | | | Private Money lenders-You can also locate private |
| each month in order to generate positive credit | | | | individuals that have cash they would like to invest in |
| report entries on a monthly basis. | | | | real estate. If the deal is sweet enough, they'll lend |
| Personal loans-By going to one of your local banks | | | | you money for your real estate investing activities in |
| and explaining that you're trying to re-establish credit | | | | exchange for an equity stake or a quick payback. |
| after a bankruptcy you should be able to convince | | | | Hard Money Lenders-As your credit score increases |
| your banker to lend you a small amount of money, | | | | you'll also be able to turn to hard money lenders for |
| say $1,000 or so, backed by a corresponding savings | | | | financing. The terms aren't very good, but if you've |
| account or Certificate of Deposit (CD) account. You'll | | | | found a truly good deal on a property it won't |
| be paying a small amount of interest for the privilege, | | | | matter. Plus, these loans will show up on your credit |
| but the expense you'll incur will be well worth the | | | | report which will allow you to qualify more quickly for |
| points your credit score will gain. | | | | institutional financing. |
| Credit aging-Do you have a family member or a | | | | The steps you can take to rebuild your battered and |
| friend that would be willing to add you as an | | | | bruised credit report after a personal bankruptcy are |
| authorized user on their credit card account? They | | | | limited only by your imagination and your willingness |
| don't need to actually give you a card to use; the | | | | to work hard in achieving your real estate investing |
| simple act of adding you as an authorized user will | | | | dreams. So go ahead, get moving today and begin |
| give you the benefit of "hitchhiking" off of their | | | | the process of rebuilding your credit score and |
| payment history. | | | | building an investment portfolio. If you have limited |
| While you're implementing some of these credit | | | | real estate investing experience or you're not sure |
| rebuilding strategies, you should also be actively | | | | what other techniques you can utilize in coming back |
| investing in real estate. Traditional avenues of | | | | from financial disaster, consider finding a good real |
| financing will be off-limits for awhile, but there will be | | | | estate investing coach who can show you the ropes |
| numerous avenues you can utilize that will make real | | | | and teach you a multitude of techniques that can |
| estate investing not just a possibility, but a certainty: | | | | ramp up your career and have you on the right track |
| Bird Dogging-As a bird dog you work as a real estate | | | | in no time. Success is yours for the taking, but you |
| scout, doing the leg work of locating available | | | | need to get started to reap the rewards. Get |
| properties for investors who will actually close the | | | | started now! |