How you can invest in real estate after filing bankruptcy?

How you can invest in real estate after filing bankruptcy

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Have you recently filed for bankruptcy? And you think that your filing might create impediment while you plan to invest in real estate. General idea about filing bankruptcy is that the lender denies granting loan to the filers.

The way you think might be valid but the situation is much different. Filing bankruptcy generally ruins the credit report but there is an opportunity for you where you can fetch loans for future investments.

You need to restore positive credit that is adversely affected after filing bankruptcy. Your bankruptcy attorney can help you to suggest different options to get you back on track. If you improve your credit it might add credence while investing in your real estate business.

Different ways to improve your financial state:

1. Look for personal loans- After filing bankruptcy you can look for loans in your local banks but do not fail to inform them about your financial conditions. You can start with small amount of loan that you can request your banker to grant. This small amount of loan with low interest rate would prove to be beneficial as they improve your credit score because you can afford to pay off with ease. As you pay off the owed amount there is a constructive impact on your credit report.

2. Opt for secured credit cards- Once you file for bankruptcy your credit report would be damaged immediately. Often the credit card companies deny to give you credit immediately after filing bankruptcy. If you apply for a secured credit card then you might get hold of a card immediately. If you deposit equal amount same as your credit line then you can easily fetch a secured credit card. The deposit amount would work as collateral as it would give assurance to the bank if you fail to make the payment on time. Try to make minimum monthly payments as that would give a positive result.

3. Look for a co-signer- If you find a co-signer with a good credit score then it might have a positive impact on your credit report. Request your family members or friends to get associated with you as an authorized user so that you can reap the profit of their credit report. Your credit score would have positive result with the impact of a co-signer with an excellent credit score. In future you might not face hassle when applying for a loan while investing in real estate.

4. Bird Dogging- You make the investor's job easy by highlighting the available property for investment. Your job would be to make the investors aware of the location of the project as these properties does not come under formal agreement. If the investor manages to accept the deal then you might be rewarded with a "finder's fee". You can get a substantial income along with the experience on real estate investments.

5. Wholesale dealings- Bird dogging' improved version is the wholesale dealing. Even here you need to highlight available properties. But there lies a difference you make an agreement of property and in order to reap a profit you sell the deal to another investor. Along with extra income there would be many risks associated with it.

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