my bankruptcy

[Frank Windsor]

I have just filed bankruptcy and was wondering if there was still a chance at becoming a successful real estate investor. If so how should I go about trying to repair my credit. Thank you in advance!!!!!!! Frank Windsor

[Aldo]

Nope! You've heard the phrase, "It ain't over till the fat lady sings". The sweet/sour news is that the fat lady (Kate Smith) died some years ago. Since she will never (with due respect) sing again, it will never be over. What I'm trying to say is that you can do anything that you truly believe that you can do. Yes, your goal will be hampered by your BK, but will not be rendered impossible.

This is where your mindset comes into play. Let's picture two different people. #1 says, "Yup, I believe I can do it and, if necessary, I'll make myself believe it". #2 says, "This is what I will do tomorrow", without giving any thought to the level of belief. Number 2 will succeed simply because s/he has already decided what will be done and will do whatever is necessary to achieve that goal.

I wish you well

[Jim FL]

Frank,
Can you invest in RE after a BK?
Sure you can, and many have, me included.
Before I began investing, I made some BAD choices in life, heck, even a few bad ones after I started.....that's a different post though.
Bottom line, I was in debt beyond help, divorced, and not really seeing much light.
In hindsight, knowing what I know now, a BK would not have happened......but, hindsight is 20/20.
I filed, got rid of debt, and kept my J.O.B., still not moving forward.
After learning a thing or two about REI, and doing so creatively, which to me, means not using my money or my credit, I did some deals.
Since then, this was a few years ago, I've been full time investing, and even though my credit is now better, I still don't use it.
Why?

This is the one business, that even if you have money and credit, I'd advise you NOT to use it.
Once you learn to make money with none, having it becomes much easier......and sure, using it later when you've developed skills to maximize its return is even sweeter.

Stick around, there are a few of us here I'm sure who have been to the bottom and back, and for some of us, more than once.........but from there, the only way to go is up!
IF you decide to make that happen, set goals, and take action.

Good luck, and Welcome to our world,
Jim FL

P.S. Yes, post BK, I've done a few hundred deals, without EVER using my credit,and very little cash.

[brian-gibbons]

Good post, Jim. :praise:

Dear my bankruptcy: :SM056:

1. Order Jim's Sub 2 Course.
Learn how to Sub2 from one of the greats

2. Learn Lease Options and Contract for Deed
Come to www.creiu2.com
Go to http://www.creiu.com/QA1_Form_free_ebooks.html
Sign up.

3. Learn Private Money Recruiting
Get 401(k) people to lend money for your houses that you buy at a discount for all cash, and you give the Private Lenders 8-12% guaranteed with mortgage in 1st or 2nd position
www.creiu2.com

4. Learn Cooperative Assignment
www.creiu2.com
Teach Landlords and FSBOs to Lease Option their property for a fee from the from the Optionee Tenant Buyer - Contract for Deed Signor.

There is more, but that is a GREAT start.

As Jim said in his post,
Learn how the CREI business works.
Learn how to do it without CREDIT, BANKS, and RISKING YOUR RESIDENCE.

And my bankruptcy,
Fresh Chapter 7 Discharges are my FAVORITE Tenant Buyers...
Why?
They want to rehabilitate their credit history
They have little consumer debt
They are generally very DILIGENT PAYORS to me
They are generally very GRATEFUL to me for a second chance

May God Bless You and Your Family,

Brian
CREIU
Founder