“Gary… My credit scores are not allowing me to buy any real estate and I have federal tax liens. I’ve been working on the fed. tax liens and have cleared most of them, but my credit scores are still in the 500’s. I have no cash and no one to turn to to borrow a down payment. This has got to be the worse case you have ever heard. I’m interested in being a real estate investor but it all seems hopeless. I don’t know anyone who will co-sign with me on a investment property. What can I do???”
Answer:
Obviously, you have big challenges. Honestly, if I were you, I’d focus my energy on something else. But, if you’re determined, here’s my best advice:
Since you have no money and can’t borrow any, what can you offer a potential partner? Are you a contractor? Skilled in construction? Unskilled but willing to do hard labor? Or do you want to invest lots of time & energy trying to find a “good deal” you can bring to a partner? Is there something else you can offer?
If you really can bring something to the table, then you need to find a partner. Try CraigsList. Given your credit and liens, you’ll have to be a silent partner, meaning not on the title or the loan. And that means you’ll either need to rely on trust that you’ll get your share (foolish), or you’ll need to seek legal counsel (smart) to get something in writing.
Good Luck…
Be savvy & successful with your San Diego real estate investing
