Cleaning up personal finance first?

Question

Hi all,

I'm just learning the ropes to REI, and had a question. Should I clean up my personal finances before I even think about investing ( improve credit score, decrease debt, increase savings account..etc)???  Thanks everyone. I look forward to participating in these forums.

Ference

Brian Gibbons · Answer

http://reiskills.com/rei-library/wholesaling-libra...

Wholesaling

Jared K. · Answer

Good advice in previous comments.

I would suggest wholesaling to help pay down your debt and to pay someone to fix your credit so you can start doing other types of deals sooner. Wholesaling is easier than most other ways, in my opinion, and it helps people learn the ropes for other types of deals later down the road.

Just my opinion.

Brian Gibbons · Answer

Flips can be accomplished while being broke? I was unaware that was possible. I thought driving for dollars while accomplishing a wholesale deal was the way to make money while using no money in real estate.

1. Flips buy this book

http://get.biggerpockets.com/flippingbook/

2. Sub2, LO, SLO, OF, Wrap-AITD, etc see

http://www.biggerpockets.com/blogs/3/blog_posts/41...

It takes shoe leather, some flyers, knocking on doors, networking, gas, etc.

But you can "bootstrap" alot.

Jared K. · Answer

Your welcome. Looks like you have a good lead from Brian on that one and there are many resources on wholesaling all over.

Best of luck.

Ference Dominguez · Answer

Thanks Brian!!

Ference Dominguez · Answer

Thanks Jared,

If you have a good book or blog resource on wholesaling, please send it my way. Thanks again for your input.

Ference Dominguez · Answer

Brian and David,

Thank you both for the replies and useful links.

Ference

David White · Answer

Thanks for your links.

Brian Gibbons · Answer

There are 2 schools of thought.

1. get everything perfect and start buying 20% down deals with perfect credit and saving money.

2. Do flips being broke and not the best credit.

I like getting money in the door and banking it.  With flips.

Wholesale and Lease option deals.

Cleaning up personal finance first?

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