My Credit Is Terrible… Can I Still Invest?


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Question: My Credit Is Terrible… Can I Still Invest?


Hi Joe. I’d love to do the things you teach, but my credit is terrible. Ever since the downturn in the real estate market, my business has been pretty bad. Before last year, I was doing $7 million in production a year, but I closed just one deal in the past 3 months and my bills are not getting paid. My credit is already trashed. I need to make some money fast, can I do what you teach without good credit? A few months ago, I tried to get a loan for a car since my old one is breaking down on me, but they ran my credit and, I’ll tell you, I’ve never seen a salesperson get so cold and abrupt in such a short time. It was pretty embarrassing. Anyway – enough of my sob story – am I wasting my time trying to learn how to be an investor if my credit stinks?
Antonio in New Mexico


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Read Transcript for “If My Credit Is Terrible… Can I Still Invest?

You don’t have to have good credit to become a successful real estate investor. You don’t need to get new loans for anything, either, so nobody will ever check your credit. I’ll explain more…

“You don’t know how much I appreciate you. You’re coming into my life at the right time. Things happen for a reason. I’ve been in business all of my life but this is what I want to do. Yes, I would appreciate your ideas on video. The question I would like to hear is about getting my feet wet and diving in. I lost a business and have bad credit. How can I get around this problem? I didn’t claim bankruptcy because I intend to pay what my obligations are. Do I need to bring in an investor?” – Chip McDowell

Joe: Well, let’s start with the credit issue. If you’re currently in a bankruptcy, you don’t want to buy properties under your name because it’ll have to be declared under the bankruptcy. So, work with a partner and you can do it that way. But if you’re not in bankruptcy or your bankruptcy has been discharged and you’ve got the discharge papers on that, then you can move forward. There’s no reason not to go ahead and do things in your name and eventually get yourself an LLC and do it that way.
Joe: So, don’t be intimidated by the fact that you have bad credit. Remember, you don’t need credit and you don’t need money for down payments to make these things work. What you need is the skills to be able to put the deals together. You have to be able to find the sellers, find the buyers, put them together and you’ll make money.

“Do I need to bring in an investor?”

Joe: Absolutely not. Everybody’s looking for investors. All of these newbie investors out there are looking for other investors who are established and who have money that want to invest. You don’t need those people.
Joe: I’ve had people come to me all the time who have said, ‘I’ve got this friend. He’s willing to invest 5 million dollars. I want to find the properties and find the right deals for him so that we can split the profits.’ Well, you don’t need him. If you structure the deals the way I teach, you won’t need an investor to make this happen.
Joe: Learn to do this stuff without money. If you can’t do it without money, you’ll never be able to do it with money. There are deals that make sense where you can have money in it and it’ll make the process go smoothly, but you don’t need money to get started. You don’t need money to start making money, so keep that in mind as you’re going through this process.

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