Here's my story. I am in the process of obtaining my first investment. It's a duplex worth 180,000$ that's already been renovated. The duplex is "tenant ready". So after I figure out that this is the house I'm getting, I get to the loan process. Denied... I had a feeling that this was going to happen. Now on to the "obstacles" that are standing in my way
-I'm broke "Most 24 year olds are"
-I have bad credit "500s for all three scores"
-Bad statement involving a renters office on my credit
Working on improving my credit as we speak but if there is another way to go about this as well, let me know. Thanks for taking the time to read this
Try to do some credit repair. I'm not 100% sure on the tactics used but you can try to boost it up. Visit getyour3.com first. Pay 1 dollar to see your reports and scores for all three bureaus.
As for raising the score you can send a letter to the people who pulled your credit and if they don't respond you somehow get the credit bureau to take that pull off your report.
Another strategy, depending on what you can stomach involves credit card debt. On your credit cards put down a good chuck of money on them. Your score will of course go down. On the first month make your minimum payment. But on your second month payoff the remaining debt and your scores should shoot up past where you started. I'm testing this one out to verify its use so use it cautiously.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.