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Credit Simply Doesn't Matter in Real Estate Investing
| | Wednesday, September 24, 2003 @ 08:00 AM EDT
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Contributed by: Dave Clark
Dave Clark Properties
Read more archived articles about Credit and Finance
I have read numerous posts about people wanting to improve their credit. With their number one concern being they believe this will solve their investing worries of being able to attain cash and credit to fund their deals.
You couldn't be further from the truth...
I personally have a low 500 credit score and it hasn't stopped me from investing. My credit has not been checked one time.
Take the name of this site
for instance....The Creative Investor.... Doesn't that say it all!
Get Creative!
It's not a matter of will it work... It's a fact of how it will work... for me that is.
I have no other choice and refuse to let lack of cash or miserable credit get in my way!
Focus on the what needs to fill the void... credit and cash.... substitute it with the next best thing... paper....creative paper.
I recently purchased a 2600 sq ft, 4 bedroom, 2 bath home on 2 acres. $10 down to control the property, charged the newspaper ad (had them bill me), and had the property lease purchased in 22 days.....
Bought for $130,000 with a $125 a month rent credit on a 5 year lease purchase.
Sold on lease purchase for $167,900 giving $25 month rent credit... $2500 down and an additional $500 toward down the next 2 months from the buyer.
Received an excelent letter of recommendation from seller and is more than willing to accept calls from prospects for credibility.
The kicker to this one is he's a contractor with excellent referrences who is willing to do all repair work for me on future jobs and is an excellent licensed home builder wanting to work with me. He will even wait for the properties to sell to get his cut on the rehabs.
All this because he had to sell his personal home and after 9 months with a realtor who couldnt get the job done. All he wanted was relief from the mortgage.
I'm making some good money...excellent referrence... a contractor willing to bill me...seller got relief... and it cost me $10 to do it.
So, I ask you... does it take cash or credit to invest..... absolutely not.
Invest Creatively, DaveREI
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