I have poor credit and no money, who would loan money for me to invest in flipping houses?
Jul 20, 2009
in
Hard Money Loans
I am interested in purchasing investment properties below market value, rehabing them, and selling them as affordable housing. Is there a company out there that would finance me with a hard money loan or a bad credit/no credit loan?
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5 comments
acermill on July 20, 2009 at 8:20 pm
Your chances of gaining financing with BOTH poor credit and no available funding is quite slim. Given the recent public issues with sub-prime lending firms, criteria for issuing loans are probably going to become more stringent than they were previously. Should you find financing, also use caution in selecting a property with which to work. Contrary to much of the television advertising being shown, purchasing a decent property at below market price is not nearly as easy as it is advertised.
pW on July 20, 2009 at 8:20 pm
Sure. Do u collateral? A nice car, a pretty wife?
Brian B on July 20, 2009 at 8:20 pm
You likely won’t be able to get a loan if you have bad credit. You need to slow down and fix that, which you can do by just getting your financial life organized and paying your bills. To try something like this with bad credit and little money is very risky and could get you deeper in trouble. Even if someone did loan you money the interest rate would be high enough that you success would probably be limited.
Kitty on July 20, 2009 at 8:20 pm
To be completely honest it will be hard. I would never loan anyone with poor credit and no money due to that proving they have no financial intelligence. They would not be trusted in making good decisions regarding MY money.
A bank will loan you money with bad credit but your interest rate will be high. They advertise even on TV if you have no bad or no credit, so the lenders are out there.
Frank Castle on July 20, 2009 at 8:20 pm
Do you have a house?