Is investing in Real Estate feasible after filing Bankruptcy a year ago?

jessica you can do it. work on building a buyers list. it is so important. i know many others will also comment that you can do it. so dont worry assignments are your path to getting back on your feet.

Hi Jessica,

The answer is a resounding YES. As Walt mentioned assignments can get you going. The other is to find a really good deal and get private funding. Hard money lenders do not care about having been bankrupt.

Find the deal that makes sense and the money will find you.

Best regards,

Fanbot

Thank you both for your reply. I read today in one of the books... to classify obstacles as excuse or challenge... thanks guys! Now I know that it is definitely a challenge and that I should continue reading the books!

God bless!

I filed 10 years ago. I just started looking for banks that offered secured credit cards. I started applying for them and sent the bank what ever amount I wanted my credit line limit to be. Some of these banks double my secure deposit to open a credit card, and after 12 month they would release your cash on deposit with them. Now you have a regular credit card. 1st consumer bank, and providen bank did some card for me. I also financed a home 3 years later as well. good luck.

You are not the first to file bankruptcy and you will not be the last. So things happen, that will not prevent you from doing anything. You might have to do things differently. For example, instead of having a mortgage, you may consider purchasing rehab houses very cheap. Having friends and family help you to finance and do the repairs. Instead of selling, you may consider renting for cash flow and building your credit at the same time. You could rise above this challenge. Reach out and take what is yours. God Bless.

Sandra

So many options for you. One might be a sandwich lease option with option to buy. That is where you lease a property from the owner with an option to buy, say for 2 years and you lease the property to someone else for one year with option to buy. You collect a deposit from your lessors and give some to the owner as your deposit. You then collect higher payments than you have to pay. You make a little money each month by using none of your own. When your lessor’s option comes due and they decide to buy the property, you take your option and pocket the difference in price. There are specific forms for this and all the other options out there. The people you lease to have to pay for any repairs under $500 and the owner pays for anything over that amount. You can also negotiate a smaller deposit or none at all in exchange for upgrading the owner’s property. You won't actually have to do any of the work, your lessors will. It really is a beautiful thing to watch unfold. You get paid for helping an owner fill a vacant and costly property and you help someone else who, like you may not have great credit but want to work toward buying a home. It is the win win win deal with no risks at all if you do it right.

business. you can wholesale (read deans yellow book 30 days to real estate cash)and make cash to get yourself in a better financial position... wholesaling is cash you can use to improve your financial situation by paying off bills etc....if someone needs cash to pay bills on friday they should definitely read deans book 30days its free on this website free download free << free

they should definitely read Deans book 30days its free on this website... FREE download free << free!!!!!!!

SEE Upper right

TELL 'EM WALT!

YOU should think IT'S a MUST!!!!

AND use a BUDGET.

It's not How Much $ you Make....

It's How much $ You KEEP!!!!!!

You don't need credit, but you should 'build' yours up. It's NOT hard to build your credit. ASK Me/PM me

Owner (seller) financing deals are also a great option.

- Tom

read the book; there are many things you can do! Best wishes!

Echoing other comments, you don't need $ or credit to wholesale or even possibly flip if the deal is good enough. People/lenders will lend you $ if the deal is good you can go 50/50 if you want to do that.

Wholesaling which is what I do(soon I will flip) but now I just tie up props under contract & sell the contract. Read Dean's book free download like they said 30 days to RE Cash & follow the steps.

Also Dean has recommended Philip Tyrone's course 720ficoscore.com check them out they are affordable & I am going to start using them 1st of Jan & you will have a 720 fico in a yr or less if you follow their steps. God bless

Remember "All things are possible if you believe" Mark 9:23 BECOME WHAT YOU BELIEVE!!!!!

I recently read two conflicting articles regarding assignment of contract. I'm in Ohio. Is assignment of contract legal or do I need to create a then sell an LLC for each property? I thought assignments were ok in Ohio.

In order to avoid anything bad that might come in future, David Lichtenstein is considering a 500 Milion Shekel bond from the Tel Aviv Debt Market. This will make the whole New York Real estate situation much more interesting...

Assignments as far as I know are "legal" everywhere but the most expensive advice you can get is bad advice so I would talk to a real estate lawyer for a couple of minutes or however long they will give you:)

And ask them that question, please don't get legal advice from anybody but a lawyer ok, taxi cab drivers are not qualifed, real estate agents are not qualified, dentits are not qualified. I can't tell how many times I have hear that assignments are not legal from people & I have done 2 assignments already & have just had a prop assigned to me a couple of days ago here in Ca, the other 2 assignments were in KS.

I think we are off topic here with this thread come to think about it but anyways you can invest no matter your situation-I was diagnosed legally blind at 19, dont' drive use a white cane with limited vision pretty much only using the computer-don't leave my apt too much-bad credit no money(well now I have a little bit just got paid 5k mo n half ago)

& am 49, so If I can do it so can you-and assignments are legal everywhere-but talk to a lawyer tho ok. God bless.

Please read deans books.
Most of the strategies are no money down. Doesn't matter about your credit history. You can do this!!!!!!

Hi family, I'm in a bankruptcy too. Thanks for the advice you shared. I hadn't given up but continued to learn. I'm currently going through/or applying the 30 days book. I've made contact with 3 agents and neither will give me the buyers info I asked for so I took another route. I've been writting down the numbers out of the classifieds for investors advertising for rent and also any signage I see 'For Sale By Owner' as I drive around. For the most part, the investor on the other end has been reseptive and encouraging. I have had others that have blatantly hung up on me. I like those cause they fuel me to keep going. Thanks again family.

lbrown

that's great that you keep yourself motivated with the no's; remember what Thomas A. Edison said:

"I have not failed. I've just found 10,000 ways that won't work."

Wholesaling is simple, but not many investors will stick to it... your perseverance will pay off...

Wishing you success,

Thank you for the information exchange given; I have just recently gone through bankruptcy. I need to learn as much as possible to get back on my feet and would like to learn from every angle. I appreciate your initial question and know now that I'm not the only one who filed for bankruptcy. Thank you again, We shall succeed.

Thank you,
I needed to know that there are others who have gone through bankruptcy. And, knowing its possible to pull yourself back up. Yes, I need to know how to get deals done; and everyone has given me hope and encouragement. If you have other suggestions please feel free to let me know. I want to get a duplex fixer upper as a start. What would I need to do to?
Thanks Evangeline

Hi Evangeline,

There are a few different options if you're looking to buy and hold the duplex. Seller financing or a lease option are probably the easiest - no bank involved. If it's it been about 3 years after the BK, an FHA loan with you living in one side and putting down only 3.5% for the down payment is another good alternative.

If you're looking to flip, Hard Money Lenders are an option. They will require some "skin in the game" and reserves to show you can make the interest payments.

Of course, there's always assigning the deal too.

Lot of options - good luck!

- Tom