No money, fair credit, no lenders

4 Replies

Hello,

I have a very stable job making great money. I have no money saved as I have expenses, (I am trying to cut back), and past medical issues that ran m y credit to 630. I have been reading and following blogs, BP, REI groups, etc. for the past year.

I reached out to several mortgage and hard money lender. None of them said I could get a loan with 0 down and a 630 score. I have been researching my area for houses I would like to either flip or buy and hold. I am ready to do the work on renovations, etc. And. I have a real estate agent as a colleague, and many friends or acquaintances in the construction/contractor business.

How do I start? I see properties on zillow, then I read that isn't a good place to look. I search the local mls directories, but agents call or email me wanting to know what I want to buy and email bomb me.

Am I out of luck being broke?

Where do i find the "great deals"

Any help is appreciated.

Thank you!

pretty tough... when you say start what is it you want to do ? that's the first question.

you can always get your RE license and start to make money part time this does not cost much..

If you want to start being a " Investor" with buy and hold properties... you would need owner finance and a lot of time to find those and talk people into it.

and if your area of FLA has rebounded then your probably wasting your time you should work with someone or for someone and save up capital so you can enter the game.

I think too many folks get caught up in the no money down no credit..

Granted people do that .. but its generally in very low asset value areas.. Not in medium to high value and high desirability..

you can go to any urban core basically in the upper mid west rust belt and talk yourself in to semi hood houses with no money and no credit all sorts of people want to just get rid of those

Hello Anthony! I am in a similar situation in terms of little cash for a down payment. What I have found is that it is VERY tough to get started with no cash, although it can be done. I just got done listening to Brandon Turners "Investing in Real Estate with No and Low Money Down," and a few of your options are:

1. Try to wholesale some deals to build up cash.

2. Try to find a partner with money to fund the deals.

3. Try to find a seller willing to carry the loan or maybe give you a lease option which you can in turn lease/option to someone else, creating a "sandwich."

When it comes to finding great deals you can try direct mail, driving for dollars, or perhaps just networking. Most ways of finding truly great deals will require some cash investment, but some, such as networking, just take time and energy.

Originally posted by @Anthony Walters :

Hello,

I have a very stable job making great money. I have no money saved as I have expenses, (I am trying to cut back), and past medical issues that ran m y credit to 630. I have been reading and following blogs, BP, REI groups, etc. for the past year.

I reached out to several mortgage and hard money lender. None of them said I could get a loan with 0 down and a 630 score. I have been researching my area for houses I would like to either flip or buy and hold. I am ready to do the work on renovations, etc. And. I have a real estate agent as a colleague, and many friends or acquaintances in the construction/contractor business.

How do I start? I see properties on zillow, then I read that isn't a good place to look. I search the local mls directories, but agents call or email me wanting to know what I want to buy and email bomb me.

Am I out of luck being broke?

Where do i find the "great deals"

Any help is appreciated.

Thank you!

 Hi Anthony,

Get a Licensed FL Broker on your team, learn creative financing, I have trained REIs that are broke and have had really bad credit, like a bankruptcy.  Banks are not an option.

See these posts on creative financing.

https://www.biggerpockets.com/search?utf8=%E2%9C%9...

Thank you all. I have been reading Brandon Turners books and he makes it seem easy.

I am determined and saving every last penny to put into this venture. I have a RE agent and he has private investors. Its just that I do not have any experience yet. I will keep trying and learning.