Time is money, which is especially true when discussing real estate investments. Don’t let your current financial status affect your future. While you can attain financing from sources other than conventional lenders, you should constantly strive to repair any damage to your credit as you build your portfolio and increase your monthly cash flow. If errors on the report have caused the damage, follow through with correcting the error or hire professionals to do so quickly.
Great wealth and security in retirement can be created by taking steps today towards your brighter tomorrow despite your credit standing. At the bottom of everything lies the importance of performing due diligence, buying the right investment property, tenant, and management quality which protects your income and investment. Read on as we explore how to build a Cleveland real estate portfolio even if you have bad credit
Owner Financing
Sellers may be willing to work with you and allow you to make payments with a lease option to build a Cleveland real estate portfolio even if you have bad credit. Although negotiating skills are essential as you approach the owner with your proposal, be ready to outline all the reasons why working with you to allow time for credit repair is a good idea.
Hard Money
If you’re looking to build a Cleveland real estate portfolio but have bad credit, you may be able to get a hard money loan. Hard money loans are typically short-term loans that are secured by the asset being purchased – in this case, the property. Interest rates on hard money loans are usually higher than traditional loans since they’re considered to be riskier. However, if you can find a private individual to lend you the money, you may be able to get a lower interest rate as you build a relationship with them. When presenting your loan request to potential lenders, it’s important to have all the details of the property and your investment plan ready. This will help show them that you’re serious about making this purchase and that the property is a good investment.
Partnerships
Your networking efforts pay off as you seek out a partner who has skills you may lack, matches your work ethic, and has money to invest; you can work together to build a Cleveland real estate portfolio even if you have bad credit. In addition, gatherings of investors, skilled tradespeople, and industry professionals allow you to seek out team members who will become valuable players in your real estate investment business.
Equity
If you own and home and have built equity over time, you could seek out a line of credit to build a Cleveland real estate portfolio even with bad credit. Due to the jumps in current market values, you may be sitting on enough equity to give your investment portfolio the boost you seek.
Don’t let bad credit or anything else stand in your way of building a Cleveland real estate portfolio; let the professional investors at Flavortown Properties help you overcome any hurdle. Talk to one of the seasoned pros at Flavortown Properties, and you’ll see the difference working with local investors makes. The team at Flavortown Properties are your neighbors here in Cleveland who care about improving our community and the lives of the people in it, working together with investors like you, one deal at a time. At Flavortown Properties, we understand the importance of communication with the experience to guide you and the wisdom to listen when you speak carefully. From locating resources for funding to finding excellent investment properties, professional management services, and everything in between, the professional investors at Flavortown Properties are highly experienced negotiators aiming to help you realize your investment dreams. Don’t forget to ask about our current inventory at Flavortown Properties of the best investment opportunities in Cleveland.
Call Flavortown Properties at (614) 756-6497.