Milwaukee, WI · Member since 2012 · 39 posts · 5 votes
Hello BP,
I have a question. What other investment strategies would you recommend for a person who does not have a good enough credit score to get pre-approved for a traditional loan, but wants to build up capital?
I don't know if you've looked into it Kay, but the City of Milwaukee may have a program that would work for you if you are willing to owner occupy. I'll send over the info.
I don't know if you've looked into it Kay, but the City of Milwaukee may have a program that would work for you if you are willing to owner occupy. I'll send over the info.
a thing to consider for OC, is the loan, and the contract for buying it. Some bank, or Homepath would not allow you to buy and sell; you need to hold for a year (Last time I saw the contract.)
Kay Mays I know this is a real estate forum, but you may want to look into some MLM (multi level marketing) business available. Many people talk about them being a scam because they have some false idea that they are a "get rich quick" system. They are a business just like real estate.
My wife is actually very successful with one, and I have found that many of the principles are exactly the same for what I am doing with real estate.
It is all about consistency. No matter how slow things are going, you need to just keep pushing hard. Marketing is the number one key.
I have found the MLM to be a great way to analyze and see if you are really cut out for your own real estate business. It requires similar commitments, and the success is 100% based on your effort. It is smaller reward, but much less risk. I'd google a few of these opportunities and see if you are disciplined and determined enough to make it successful. If you are, you will be great with real estate investing too. Plus, you can clean that credit up a little along the way.
I have limited knowledge in wholesaling, but that may be another option. I just have first hand experience with MLM so I have seen how the principles translate to Real Estate.
Thank you all for the responses. Dan C., thank you for the info. I'm definitely going to be checking that out today. Shuai Zeng, I plan to owner occupy, but I don't want to for an extended period of time, like 5 years. A year would be good though. Mike Neubauer, are you able to send me some info on that? I would greatly appreciate it.
Sure, hope it works. It seems most of the City's program's are extremely favorable to those who will owner-occupy, so why not look into it. I sent the info to Renae as well.