What many real estate companies are starting to do is find the buyer, THEN match that buyer with a house they have for sale. This can be an excellent strategy. Many investors would rather deal with people that are already pre-qualified for a loan, but we don't live in a perfect world, and sometimes we have to imploy other tactics to get a buyer for our homes. Getting lists of buyers with bad credit can be doing faily quickly, by placing ads listing the house/houses for sale, along with "Bad Credit OK." Sometimes, these buyers will have better credit than they thought and will already be qualified for a loan. Some mortgage companies will finance people with as low as a 560 credit score, although 580 is a more common bottom number. If the customer's credit score still falls under the mark, I reccommend signing them up for credit repair, and working on their credit so that they can get into the home you have for sale. That's what I do and it works out great. Of course, I charge for the credit repair ($455

for an individual and $725 for a couple), and then get a much bigger pay-off when they get in the home. Many people outsource the credit repair to other companies, but there are a couple problems with this. One: You could be making more money by doing the credit repair yourself, and Two: You often lose touch with the client and they don't return. Therefore, I definatley reccommend operating a credit repair business alongside your real estate business for maximum profits and multiple streams of income.

Tell Your Friend