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My credit score is in the mid 500's and i don't have any income. how do i start being a real estate investor? |
My credit score is in the mid 500's and i don't have any income. how do i start being a real estate investor? Right now your credit is really low. If you want to buy property for investment you'll have to rebuild your score.. you don't. first you need to get an income. last time i checked, you need $$ to invest. Well there is always hope. You need to find someone desperate in selling. Buy low and sell high. and if you do find that person desperate to sell maybe they will sell to your with owner financing to where you don't have to pay back for a period of time or until you turn the property. What!!!! This is not a simple answer. If you don't have income, where will you get the financing to purchase property and rent or sell? (rhetorical). You will have to go stated on your loan which will cause the rate to be quite higher than if you were able to document your loan. Secondly, do you have a down payment on the particular property? If you do not, then you will have to find a lender to lend 100% on the property you want to purchase -- investment income almost all the time requires a down payment. That leads you to searching for forclosed homes. There are lists you can obtain. you will need a co-signed or a partner with good credit Fix your credit and get a $#@*(!@& job. Don't use my taxes (welfare) to buy bon-bons and watch Oprah on your cable tv. |
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