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Real Estate Loans - Even With Bad Credit
If you are looking to get started in real estate or business, it's quite possible that you will need a loan to get started. If you have bad credit, you might consider giving up before you've even gotten started. Well, I have good news for you. There are some things you can do to get that first loan while you work on improving your own credit rating for future projects.
One of the things you can do is to get a partner with good credit to join you in your real estate or business venture. This is called an "equity kicker" and is very popular in business. By doing this you use your partner's credit as your own for the project you're involved in. What does your partner get in return? In return for supplying the needed credit, you will give your partner a portion of ownership of the business. Depending on the size of your project and how strongly you need your partner's credit rating to get the needed loan, a reasonable percentage to offer will be in the range of 3% to 5%.
Understand that in most deals, you will be the working partner and your "good credit" partner will be the silent partner. He or she will supply the needed credit and nothing more to the deal. As an added incentive you can also offer your partner a small portion of the profit from the real estate or business project. Again, the amount should be in the range of 3% or 5%, depending on the profitability of your project.
While this is a great way to get started, it's important that you work on improving your own credit rating for future projects. Your goal should be to eventually be able to acquire real estate or business loans on your own without having to use a partner's credit.
The way you build your own credit rating is by paying your bills on time, getting a "secured" credit card and using it actively while paying it off fully each month of the year. By owning an asset such as a building or business, you immediately improve your FICO credit score. By paying off your credit cards each month, your score rises. All of these things will work together to get you a higher future credit rating.
For your real estate or business venture, form a company that will put you on the payroll. This will give you a source of income, a W-2 and an employment history. These things will raise your credit rating because you will have a traceable history. This is something that lenders love to cite when approving the loan that you've applied for at their company.
What other things can you do to improve your credit rating? Try joining respected real estate or business organizations. Not only will being a member contribute to your credibility, making you more credit worthy, but it will provide you with more knowledge about your business and help you to make important contacts within the industry. Remember, any dues you pay are provable and tax deductible.
So, don't give up your dreams of getting started in real estate or business just because you currently don't have the best credit. Try using a partner's credit to get started and then follow the steps above to improve your credit rating. Eventually you will be able to get business or real estate loans using your own good credit.
Michael Russell
Your Independent guide to Loans
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