How To Get A Home Loan With Bad Credit

By popular demand, people want to know, how do you get a home loan if you got bad credit? I'm Kris Krohn and here on Limitless TV, we are going to jam on that right now because you or someone you know has bad credit and they're thinking, oh my gosh, how do I actually get a loan if I don't have good credit? Steven, they're screwed, right? – They're screwed

You can't get along with bad credit is the reality if you're only working with your own credit but this is one of those conversations that really takes us back to partnering We talked about partnering all the time You can get a loan with other people's creditWe talk about OPM, other people's money all the time This is OPC

– And you got to understand should be using your credit I started the game, Steven, thinking I got to do it all by myself We are really trained, this whole put your head down, nose to the grindstone, make it happen and you know what? Yes, you should focus and you should make it happen but not by yourself and the reality is, the projects that you want to do, there's so much more possibility when you stop trying to do it by yourself because the reality is, your credit has a limit and there's very little that you can actually do in the world with credit You're going to get maxed little that you can actually do in the world with credit you're gonna get maxed got bad credit, don't fret, you can still take action right now but we're also going to tell you, how do you get that credit and first let's just start off with some practical advice Hey, if my credit is not lend worthy then how do I get it lend worthy? Let's just start with a couple of quick basics on that

– Yeah some basics on improving your credit, getting your credit score up, it's actually really simple, pay your bills on time Now I know that that may seem like a simple bit of advice but the reality is, so many people they'll let it go, they are budgeting appropriately so they sometimes let a bill go a few days late or whatnot, that's going to hurt your credit all day long but if you will begin to just pay your bills on time, that will increase your credit score Another thing, if you have credit cards okay and by the way, if you don't have credit cards, getting a credit card overtime will improve your credit Actually, they want to see that you have credit lines that are there revolving, that are working, a car loan, those kind of things add to that but if you have a credit card, making sure that it doesn't go above a third, meaning you don't credit card making sure that it doesn't go above a third mate meaning you don't and make sure you're paying it back off, that's going to improve your credit as well – And here's the reality

You know, we want to make sure that you understand, we're not laughing or poking fun at anyone Life hits and sometimes when it hits, we get behind, right? For those of you that just get behind because you're irresponsible but you could have paid the bills, for you, yeah, get your act cleaned up Steven's absolutely right okay but for most of us, we're in this situation because something happened, I either lost situation because something happened there there was a you know I either lost long to get one or maybe there was a big health concern or condition that came up I get it, life will happen When you do have those blemishes on your credit, you can get them cleaned up so in addition to just maintain good credi,t paying your bills on time, applying for credit cards, googling that and using them responsibility to build credit, the other advice that I'd like to give before we show you how you get a loan anyway is do some credit repair

There are many noteworthy companies out there, I'm not going to recommend anyone specifically $700 or even $1,000 or two, a company will come in, lawyers will hundred dollars or even $1,000 or two a company will come in or lawyers will come in and they know how to skip years of the credit process the slow way of derogatories, the late payments and bump a lot of that stuff off of your derogatory it's the late payments and bump a lot of that stuff off of your card or your credit card and then this other one is doing the credit repair, card or your credit card and then this other one is doing the credit repair people with good credit, even good credit requires maintenance Credit repair doesn't mean you necessarily did something wrong I've done credit repair many times on my credit, I've had a couple things slip through an accident like you know, I bought a car and I was doing a special lease on it and then my like you know I bought a car and I was doing a special lease on it and then my it's like, hello, you've got three late's, a 30 day late, a 60 day late and I'm like, ah it's like hello you've got three lates a thirty day later 60 late and I'm like ah I'm like But we clean it up and it's okay and so I even get some of those things on my credit like, life happens

Today we want to talk about how do you get a loan if you have bad credit and again, I cannot emphasize how important it is for you to understand that everything that you desire, that next deal, it's within your finger grasps If you have no money, it's just inches away and if you don't have the credit, it's inches away If you know more have the credit it's inches away if you know more connected with who you know – Yeah, you know credit is a commodity and I want to help you understand what I mean by this Credit can be bought and I want to help you understand what I mean by this

Credit can be bought and sold it can be traded, it is a negotiation tool and credit should never be a reason for you not to do real estate I talk to people all the time who have great assets but their credit has you know, been hurt, maybe they went through a bankruptcy or a divorce or a foreclosure or whatever the case might be and they're not able to use their own credit to buy a deal and this is one of the things that I say and this to me, I hope that you can really internalize this I will often ask them, would you rather have a smaller portion of something or a hundred percent of nothing? – I'd rather have a smaller portion of something – Right? And so in other words, if you were going to go do a deal, let's just say that the credit partner that you were going to get was asking for or five ten fifteen twenty percent of the deal, would you rather take 80%of an amazing deal that was producing well or a 100% of not being able to do a deal, right? So this is where, you know, credit oftentimes, although it will stop people, it doesn't have to and you can continue to move forward, do a great real estate even if your credit isn't up to par – So here's how you do it

First of all, you can find someone's credit to rent Know what the deal is that you want and first of all, before we talk about investing, let's just talk about your own personal home That exists in the world, it's called a cosigner It's like I'm going to take on a parent, a sibling, a friend as somebody who is more creditworthy, the bank will take my situation to account, the bank's going to put their butt on the line and together we're doing deals Co-signing doesn't really exist all that much in the investing world, what does exist is a credit partner, just the way Steven explained it

So let's just say for a moment, and do an example, you've got a property and let's say the the property is worth a $100,000 and you can buy it for $80,000 and all of a sudden, it's like okay, I got a $20,000 margin, my business plan, I'm going to rent out this property for 5 years and I'm going to sell it and during that time, I'm going to plan on making $300,000 a month on it I'm going to do a lease option with Kris and Steven's system, I'm going to collect a $5,000 downpayment and during those 5 years, I'm going to secure my 20 grand of equity up front, I'm going to collect a couple of $5,000 down payments, I'm going to make my $300,000 a month and then later, I'm going to sell it, take a little appreciation account I plan on making $40,000 I'm buying this asset, I don't have the credit for it, I don't even have the money for it let's say but I can make $40,000 Well listen, do you know someone out there that would love to be in on a deal to get a parcel part of $40,000? They're everywhere people, they're everywhere

I could go onto Facebook and just say, looking at a super juicy deal, got all the resources mostly lined up, still looking for $20,000 and a credit partner and you know, private message me and I'll give you the details I'm going to get people in my world, I'll show you later how you create those people but how you get them to respond to you and all the sudden it's like, well I got the credit, I'm credit worthy, I've got some money for a down payment Could we do the deal? They're like, we'd be 50/50 so I can take that $20,000, the goal would be to turn it to $40,000 I'll also get $20,000 Now let me ask you, do you know people that would like to double their money? Yeah

Double your money in 5 years, that's a 100% return, split over the 5 years, that's 20% a year, is that better than 401k's IRA's? Of course, and that's why credit is available Now I'm even taking it to the level of they're bringing money to the table, if it's just credit, Steven, already said it, ten twenty fifteen percent Right now I'm actually meeting up ironically with the gentleman that for the last 4 years has been a credit partner on three of my homes I paid him 10% upfront and I'm paying him five percent of profitability at the end of the deal and he's happy as a clam, it's been totally passive, he didn't have to do, almost nothing to do, to get there, he got it paid some money up front on it and it's been a really beautiful deal If you want to learn more about the specifics of not just a credit partner but also where you get money partners, Steven and I, we've been doing this for years, we have raised tens of millions of dollars and as we are putting these partnerships together, there's a specific blueprint formula that we use and a business plan

We actually give all of those available to the people, we work with inside our real estate community so what you'd want to do is click on the website here and look for the words partner profits and pursue that pathway and figure out how Steven and I can actually get you the training on how to create partners with money, how to pair them up with deals, how Steven and I can even give you the deals and put it all together, we'll lay out some of your options and what that can look like but if you're walking away from this video, it's like, how do you get a loan with bad credit? I hopefully hopefully that clears it up because really if we had to just say, alright, let's summarize it Number one, packaged the deal to know what you want and what you're willing to offer Step two, market it Text people, call people, get it on social media, tell them exactly what you're looking for him and what you can give them Step three, pick the winner

Pick the person that you're going to be working with Those are the things, those are the really simple steps of what you do to just make it happen so rise up, make it happen, line up that credit partner and go get that real estate deal done! Never let a bank tell you what you can or can't do Never let your pocketbook tell you what you can or can't do Your job is to know what you want and to understand what your dreams are, develop an absolute conviction for it and then allow the resources to come into your life that can make it happen even if they're unconventional If you want to learn more about unconventional resources, hidden assets, and how to create wealth when you don't got the money, go ahead over to my website, click out some of the options and check out what we do for you to help you get launched right now