Low Credit Score/College Debt! Where to begin?

Question

So here is the deal. I was laid off about a year ago and got behind in my college payments and the debt starting pilling up. I am almost caught up on payments but not quite yet. I have been researching real estate investing for some time and I have said its time to make that leap and go for it. The problem is my credit score is really low and i trying to get some student loans out of collections. so with that being said a loan from the bank isn't looking so hot. So what is my next option?

Thanks,

Thaddeus

Thanks,

Thaddeus

Deshawn Lewis · Answer

i would suggest read read read, listen to some podcast and just educated yourself as much as possible..

best of luck

Jaquetta T Ragland · Answer

That's awesome! Well on your way to success!

Thaddeus Scruggs · Answer

@Benjamin  Blackburn

Hey Benjamin, yes it definitely seems to be the way to go. There are so many avenues to gain the financial freedom that we all are looking for. We just have to find out niche. But I appreciate it and ill will definitely keep you posted.

Thaddeus Scruggs · Answer

@Jackie Tan

OK OK!! i see.. yea this business is awesome. There are so many ways to get the end result. There is no I can't, just how CAN I reach the goals that I have established.

@Jill DeWit

You know I was taking that into consideration. It seems to be a good start and a great way to to do business. I am definitely gonna start there and see where it takes me.

Jill DeWit · Answer

@Thaddeus Scruggs

Love all the advice! I also think wholesaling is a perfect fit for you! You might just like it so well that you never leave this group as I have found it to be very lucrative. And I still only pay cash for properties or negotiate an option to purchase exactly as @Devan Mcclish

described.

Not hard, not crazy. Tons of great material out there for you to learn!

Hope that helps!

Jill

Jackie Tan · Answer

@Thaddeus Scruggs  You are most welcome.

There is always HOPE! ;-)

Actually the 100% JV program is NOT wholesaling.

You actually find the property and be in charge of the project/rehab. The only difference is the JV Investor pays for everything. He takes all the risk, and you get to share the profits.

Pretty good deal going in with NO MONEY NO CREDIT---only in America do we have such opportunities--- Got to be grateful for that right?

Thaddeus Scruggs · Answer

@Jean Bolger

Thanks! Means a lot. Yea I starred researching meet up and found one in my area that I will be attending. I'm really into buy and hold but I was kinda skeptical right now due to my credit sand debt to I figured I would try the route @Devan Mcclish mention and try whole selling until I can get my credit back to good standings.

@Jackie Tan

Thank for the advice. That actually help clear some of my confusion on whole selling!

Jean Bolger · Answer

Hi @Thaddeus Scruggs! Don't be discouraged- I had my credit dinged during the recession, but I found that it came back faster than I was told it would. (Don't mess around with any of those paid services that claim to build your credit. You can do it yourself with a little research and diligence.)

I would start attending some local investors groups/meetups and introducing yourself to people as well. If you are going to wholesale, you'll need to know who will be buying from you, and what they are looking for. Investors love to talk about what they do (and their friends and family don't always love to listen, lol) so you can get a lot of info about conditions in your local market and make some connections by going to those meetings, and maybe taking somone whose work interests you out for a coffee or lunch

Thaddeus Scruggs · Answer

@Deshawn Lewis

Yes! you are absolutly right. Reading and education myself is all that I have been doing lately. I was initially skeptical about starting out with wholesaling since I really do not know much about it but once I get more familiar with this technique I will dive right in.

@Jaquetta Turner

Thanks for the advice and yes I have an account with VA Credit Union. One step ahead of you!! :)

Low Credit Score/College Debt! Where to begin?

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