Can I do Rent to Rent if I have Bad Credit?
My credit score is not very good, can this work for me?
Yes, it can…
Hello Success Seekers!
It’s Stephanie here with a rent to rent short and sweet blog which will give you lots of value in only a little time.
A question that I get asked quite often is…
“My credit score is not very good. Can this work for me?”
That is a phenomenal question and a lot of you might have this issue. I’m going to give you four steps that can help you out. And yes, you can do this if you have bad credit.
Some of the most successful businesspeople and entrepreneurs started off with nothing or even minus figures. Many of them have gone bankrupt in the past or have been in terrible financial situations.
If you are in a bad financial situation that you’re feeling really bad about and you’re feeling bad about yourself, then this is the blog and video for you.
Part One - The Mindset of Success
First, I want you to adopt the mindset of success.
This can be difficult when you're in a state of failure and this might be because you've made bad financial choices in the past. If that is the case, forgive yourself.
Things have happened exactly as they were supposed to. You were meant to be in this situation. To overcome this obstacle where you were supposed to grow stronger and move forward from where you are now.
So, forgive yourself for any past mistakes. If you are connected to somebody financially and they have let you down, forgive them and work to get out of the situation that you're in.
What I mean by the mindset of success is to believe that you will succeed, and you will go past the situation that you're in now and you will be successful in the future.
That one vision alone in your mind, even when it's difficult to believe, I want to encourage you to believe it because that one thing is going to help you more than anything else because you're in your mind all the time.
And what you say to yourself drives your actions more than anything else. I want you to be telling yourself, even when it doesn't feel like it, even on the days where you feel rough and you feel bad, tell yourself…
I can do this. I will do this. Other people have come out of situations worse than mine.
Part Two - Wealth Creator Not Wealth Consumer
I want you to start thinking about yourself as a creator of wealth, not a consumer.
This is a huge mind shift, and it was for me as well - it was like a light bulb going on.
I want you to start thinking about the idea…
I can start creating wealth in my life. I don't have to wait for people to give me things. I don't have to wait to get a job. I don't have to wait to get a pay rise. I can be the wealth creator.
There's such liberation in that. So just offer yourself that as an idea that you can start thinking about.
To recap, number one is all about the mindset of success - you are going to start to believe in yourself no matter what's happened in the past, things are going to be different going forward.
Number two, you are going to offer yourself the idea that you can be a wealth creator, not a wealth consumer.
Part Three - Fix the Problem
First, if you've got your bucket and there's water coming out of holes, we need to make sure that the holes are plugged in to stop the problem getting worse.
Step one to fixing the problem is to work out how you can live within your income.
Sometimes this might mean doing something radical, but you need to reorganize your lives so that you can live within your income. If your income is very low, you're going to be looking at ways you can increase your income.
But the very first step is to look and see what you can change in your life. Just offer yourself freedom and say, “what could I change in my life that would allow me to live within my income?”.
Sometimes it might be moving, it might be renting out rooms in your home, or it could be taking on a little side hustle. But the first step and the one that's going to have an immediate effect now is to live within your income because you need to stop going further and further into debt every month - we need to stop that.
Step two is to fix your credit. The good thing is bad credit is not forever - if you do have bad credit it's only going to be on your file for six years. I know six years might feel like a long time, but time flies by quickly – as my parents used to say!
There are some free websites that can check your credit score, but don't go into one of these free trials where you then end up paying £15 a month afterwards.
The three main credit reference agencies are:
TransUnion (TransUnion used to be called Call Credits)
You can get your reports for free and track what's happening and improve your credit.
You can improve your credit over time and if you've got a CCJ you can make sure it's satisfied and you can tidy up and fix up your credit so that going forward you can put yourself in a much better position.
Part Four – Will Rent to Rent Work with Bad Credit?
Yes, you can do rent to rent if you have bad credit and it’s a great way for you to get out of your bad credit. Once you've got your foundations in place, which I've already explained to you, you would need to focus on working directly with landlords.
You’re much less likely to be asked for a credit report this way. You will need to make sure that your income is going to match what you have going out in order to afford to take on a rent to rent.
You might need a period where you have to save, or get a loan from family or friends - there's different ways you might do it, but you need to have a good foundation of some money so that you can meet your obligations under the rent to rent agreement.
It's a fantastic way to start in business, to become a wealth creator and to really make changes in your life. What I love about this business and sharing it with you is when I first started, I thought I wouldn’t be in business as I had so many failures.
And it makes me chuckle to myself when people think I’m so experienced and polished - but honestly, I was the last person you would ever expect to be in business. And if you know my story, you’d know that I had put off starting until I was 45 – so I want you to start sooner.
What I want to offer you is that going on this journey gives you the chance to dream bigger because we don't dream big enough.
We don't believe that we can be as good as we can be. We need to dream bigger, be bolder, put ourselves out there and make the moves and take the chances and become a game changer.
When you start making the extra money and you become a wealth creator, you get the chance to really experience true joy because you get to be a game changer.
And what I mean by that is you get to change your life, your family's life, the life for your community. And, you get to contribute to the world in whatever way you choose, with the extra wealth that you create because wealth is the power of good.
Have you experienced this? Have you gone from having bad credit to having a successful rent to rent business?
I'd love to know your tips and strategies and what you think of mine.
Just remember it is possible, people have gone through worse situations than this and you will do it!
If you would like to know more and you're looking to get started, click the link below to get our free rent to rent success guide and training.
All the best,
Stephanie and Nicky
xx
Dream Bigger ⭐ Be Bolder ⭐ Be a Gamechanger
#YesYouCan #Rent2RentSuccess
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