CRR Blog

Good Credit OK, Bad Credit OK, No Credit... OK!!!

I keep telling non-believers a very simple fact...  Most wealthy investors did not start out that way.  They got there by working with what they had..  You may feel like not having good credit is stopping you.  It isn't.  You are.

Investing is like Golf.  Seriously. Take some lessons and stop telling yourself you can't get it on the green!!!

Here is a not so simple example of what I mean...

On 1-27-15 an investor bid on a 2nd (HOA Lien) at the auction on a CONDO in a good location in Orange.  The property has an estimated value of $346,017.00.  The opening bid was a paltry $11,633.99.  

The bidding went up to $19,000.00 and stopped.  (There were only two bidders on this one)  The buyer paid $19,000.00 and is now going to own a $346,017.00 with a senior loan of $160,000.00.  To simplify it, imagine he/she put a down-payment of $19,000.00 and is taking over payments on $160,000.00.  That is a net purchase price of $179,000.00 for a $346,000.00 CONDO. No Credit Required!!!

The buyer knew that the 1st TD is not too far behind, if they took the time to research the property on our website.  We have 5 records on this property, including a recent NTS that shows the 1st TD is likely just about equal to it's original balance.  So this buyer knew, going into the auction, that there was plenty of equity.  This buyer also knew that the purchase price on a 2nd at auction is just like a down-payment on a loan, but with no qualifying requirements and no closing costs.  

So our example shows us how someone with no credit and just a small amount of cash can own a property.  More importantly, this example shows us that perhaps only two bidders saw this opportunity for what it was.  People often ask, "Are there any deals left?"  We always answer  "YES!!! " 

All it takes is the will to succeed and the lessons of experience that a Pro like Kurt DeMeire can share with you!


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