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10-13-2009, 04:34 PM #1
Renter
- Join Date
- Oct 2009
- Posts
- 8
Investment Life After Foreclosure
I've heard that purchasing a home after a foreclosure is a 4-7 year wait and rightly so. My wife and I have a foreclosure that just went through. Coincidentally we've caught the investment bug and have spent the last 3 months educating ourselves on the different investment options. We have a 3 year plan however that may turn into a 7-10 year plan seeing that we may have to wait 4-7 just to qualify for our very first investment purchase.
Is there any avenue that we could take to become buy & hold investors sooner that the normal wait? What are our options for getting started sooner rather than later?
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10-14-2009, 08:05 PM #2
Renter
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- Oct 2009
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- 8
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10-15-2009, 02:41 PM #3
Fixer Upper
- Join Date
- Jan 2007
- Posts
- 18
Well, I'll give it a shot...
I'm certainly no expert, but it seems to me that with proper commitment and enthusiasm, the primary roadblock to your sucess is going to be financing. If I were in your position I would try a couple alternative approaches. First, you could attempt to start on a small scale on your own by avoiding traditional funding sources that are unlikely to look beyond or understand mitigating circumstances of your previous financial trainwreck. That is, you could use your own cash if you have any, and/or attempt to line up additional financing from friends and family that know you as a person and have confidence in your ability and desire to overcome obstacles. As a beginner you have to bring more to the table than your good looks. One way to do that eventually (if you have no cash source enabling you to act as principal) is to build expertise and credibility in the business as an employee or understudy of someone else who is bankrolling and/or directing the operation. In other words, serve an apprenticeship, learning as you go, using someone else's money. Sure, it can be a slow road, but possibly faster than doing nothing for 7 or 10 years while you wait for the foreclosure to drop off your record.
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