Is a bad credit rating holding you back from buying an investment property Las Vegas? While conventional lenders may turn you away due to your past transgressions, you don’t have to give up on investing in real estate due to bad credit. You can find options to access funding for investment properties even with a poor credit rating.
While the ideal scenario would be to repair your bad credit and obtain conventional financing at lower interest rates, this could take years. When you invest, you increase your current cash flow faster and generate a higher return in the long run.
Let’s look at four ways you can buy investment property in Las Vegas & Henderson even if you have bad credit.
Become a partner
You can establish connections in the real estate industry by networking and gathering with like-minded investors. To succeed as an investor, you must have a support team you can rely on. Spending time getting to know other investors enables you to find someone with whom you click to form a partnership.
Always keep in mind that you need to connect with partners who have the expertise and resources you don’t. Since you lack credit, you will need to partner with someone who either has:
- Capital to invest, or access to funds (which leads to our next topic) 🙂
- Someone who has an excellent credit rating – who can secure funding for your deals.
- or, you could even partner with another real estate investor like Gr8housebuyers® that can guide and help you build capital in real estate at a quicker pace.
How can you convince someone to partner with you? Perhaps you have something that they don’t have. It could be your time, your negotiation skills, your reputation in the community, that makes you the perfect partner in return.
Creating a real estate investment group (REIG) can enable you to buy property together and split the profits. Make sure to speak to a financial advisor and get the proper counsel, register your business, and safeguard your assets before finalizing your agreement.
Private Money Lenders
Private money can come from a friend, relative, business partner, or acquaintance. If you can set up a deal with competitive terms, private money lenders can overlook your credit score. The benefit of private money is that repayment terms and interest are negotiable.
While handshake agreements among families and friends, in particular, are often acceptable, it is wise in such a financial matter to have the loan secured by a promissory note to avoid any possible issues down the road. Generally, these loans come with much lower interest rates than you would otherwise be able to qualify for.
The benefit to your lender is passive income through your repayments and the interest of the loan. Leverage other people’s money to start investing in property Las Vegas.
Sell Other Assets
Perhaps it is time to assess what other assets you may already have. Your current home may be your most valuable asset. It doesn’t matter in what condition it is, there are cash buyers Las Vegas who will be able to make you an offer.
Then there are also investments such as stocks, bonds, and mutual funds. What is their current market value? Consider assets such as automobiles, collectibles, and jewelry. Weigh up what is important to you. Depending on your needs, sacrifices can be made if you’re serious about investment property Las Vegas.
“Success awaits those who steadfastly commit to any requisite sacrifice”– Ken Poirot
Work with Gr8housebuyers®
If all the above seems too overwhelming, you can always work with Gr8housebuyers®. We aim to make buying and selling property a breeze.
Gr8housebuyers® has property inventory available as well as private and hard money lenders who are looking to work with people who can find deals with high returns. Don’t let a bad credit score stop you from purchasing an investment property and taking your financial freedom back into your own hands!
Let us help you achieve your real estate goals. We are happy to answer any of your questions or concerns. Call us today at (702) 291-7577 or send us a message obligation-free. We are your go-to partner for real estate Las Vegas!