Hampton Roads, VA · Member since 2014 · 1 post · 0 votes
Hello, I am very passionate about buying and holding property, I am just not in a position to start. I have a couple of things that are in collections from my younger years, I am 24 now. I just moved out on my own, so money is tight. I do have a good job but I just can't seem to get a bank or credit union to loan me the money to start the buy and hold process. Can someone give me some advise?
Lots of deals in Portsmouth and in Norfolk including duplexes in the 10-20k range
Check out Navy Federal and Langley FCU credit cards. If your credit is mid to high 500s then you can probably get a mortgage with little to no down-payment if you have 2 months of pay stubs.
I would get everything in order- collections, budget, savings before venturing into RE. too risky w/o a net. I'd think twice about to 10k place on A ave in Norfolk.
I would recommend calling Lexington Law firm and seeing if they might be able to help rebuild and clear up anything on your credit. The initial call wont cost you anything and as a current subscriber, I highly recommend them as I've seen my credit score jump at least 80 points in the short amount of time that I've been with them, they might be able to get your credit to where it needs to be to get you start with your buy and hold portfolio.
I would look into doing some credit repair and also saving up as much money as possible. maybe you can find some owner financing deals in your local market. They are going to want you to have some skin in the game unless they are ready to unload the property.