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 credit.We 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
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.