15) Bad Credit, Good Contractors & Suing the NAR

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, your hosts discuss blog 117, where they talk about buying real estate with bad credit. Although you can buy real estate with bad credit, it is not as easy as buying with good credit. Alan lists 4 options when it comes to buying real estate with bad credit. Lauren asks, why do you have bad credit? Have you fixed those behaviors? Alan’s first option is to use seller financing when they don’t check your credit. His next piece of advice is to find a complementary investment partner, look for someone who has good credit, and partner with them. Option three is to invest in commercial real estate, which will give you a hard time especially if you are a first-time investor who has bad credit. Lastly, use hard money or private money which is like a bank that doesn’t need deposits and is only in the business of lending money with high interest. Tom also used personal loans and hard money loans to buy properties in the past. He has also bought and sold with seller financing. In the end, while you can invest with low credit, you should also work on making it better to get on “easy mode.”

More on seller financing: https://www.housemoneymedia.com/blog/100-finding-seller-financed-property-and-off-market-homes

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Mortgage Minute: Jasmine answers the question: What are the differences between an Adjustable Rate Mortgage and a Fixed Rate Mortgage?

Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/

Real Estate Is Easy Interview

Lauren interviews a Residential General Contractor who is known as the “Home Service Guy.” He has specialized in renovations for 3 years now. He explains why he chose residential, and what licensing requirements are for residential contractors. He also shared some of his experience meeting general contractors who didn't have a solid background in construction. Lauren asked the “Home Service Guy” where to find good and experienced contractors. Although most contractors are well set up on their social media, most of the experienced ones aren’t actually active on the web, so when you find a good one, you better keep them, according to the “Home Service Guy.” Then, the “Home Service Guy” tells us about pricing and contractors taking money away. Get a contract and official estimate for every job, especially early on in the relationship. Understand why the contractor is asking for deposits – are they ordering materials up front? They also talk about how to be a good partner with your general contractor. Pay your bills quickly! And have realistic expectations. The “Home Service Guy” was asked how he makes real estate easy, and Lauren didn’t like his answer!

Contact our Guest: https://twitter.com/homeservguy

Teatime with Tom

Tom’s segment is about a business insider article about a multi-billion-dollar lawsuit that’s happening around the multiple listing service, the National Association of Realtors, and real estate agent commissions. The hosts share some of their insights on the topic and give their own opinions about it, including their opinions on what makes a good agent vs. a bad one.

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