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Question

I have been consuming books like crazy to try and educate myself as much as possible. A few of the books I have found here and a few other just by searching. My interests are in buy/hold and flipping. I understand that educating myself will only get me so far and that I will have to start looking into my first deal at some point. Since my credit isn't the best, what would be the first steps to take to put me on the path to success? Is it even possible based on my not the best credit?

Any advice l will be greatly appreciated..

Gerrit Harner · Answer

hi Curt, I'm a member of NEXT GEN REI Club of Spokane we are one of the oldest and largest clubs here. We meet the second Thursday of each month from 630pm to about 9pm  we also play CASHFLOW the following Tuesday from 6pm to around 9pm game nite is this coming Tuesday,  come play with us. There will be experienced Investors and Mentors at both events and yes there are multiple ways for you to invest with not the best credit, heck, there are ways to do it with downright bad credit! Curt, if you have the desire and drive, we can help guide you, and show you how to thrive as a Real Estate Investor.

Our club headquarters are located at:

12929 E Sprague Ave

Spokane Valley, Wa 99216

Brian Gibbons · Answer

buying on sub2 or on a wrap or using lease option assignments all require no FICO score

I post about these tools to "buy or control"

Also see @Steve Vaughn in Wash State, awesome guy

Curt Davis · Answer

I would suggest you get with a mortgage lender who can tell you exactly what is wrong with your credit, they might possibly be able to tell you what steps to take in order to improve your score.

Also determine where you want to purchase property and then start saving for the down payment for conventional financing for your buy and hold strategy.  If you already have the money great.

Check to see if you have a local investment club in the area and start attending.  Should be netwroking locally.

Good luck

Jeffrey Messee · Answer

@Steve Vaughan Thank you for the advice. I have made a meeting with a lender for this Wednesday and I am also going to go drive for dollars in areas I am interested in. I know that most of the credit issues are from a divorce and being young but I still want to have a direct path to clean that up. Again, thanks for the advice

Steve Vaughan · Answer

Thanks @Brian Gibbons.  Not as awesome as you ;)

Path to success with not good credit?  Do a CSI on that and figure out what happened and how to prevent in the future.

In the meantime, I like @Curt Davis idea of talking with a lender to see where you're at.  I also like the idea of creative strategies he and Brian mention.

Keep reading and learning @Jeffrey Messee.  Attend some REI meetings with @Gerrit Harner.  Call some for rent ads, especially with landline phone numbers.  The cruder the ad, the better.  Drive for dollars and look for handwritten signs stapled to the house. Might be a tired landlord that owns free and clear and likes cash-flow but not headaches!

Brian Gibbons · Answer

@Steve Vaughan

I ref to you above

Jeffrey Messee · Answer

thanks @Brian Gibbons. I will check out the tools on that post and reach out to @Steve Vaughn

Jeffrey Messee · Answer

@Curt Davis  I will do thanks again

Curt Davis · Answer

You might check into owner financing or subject to type transactions.

Good luck

Jeffrey Messee · Answer

Thanks @Curt Davis. I have determined that I would like to start here is Spokane with 3 bedroom 2 bath  single family and I have about access to about 12,000 for a down. Although, I am sure that may not be enough. I will certainly find a mortgage lender that I can't meet with to lake the necessary step for my credit.

I did look into the investment club like you mentioned and plan on attending the next meeting.

Are there any scenarios that allow me to start investing with not so great credit? Again, thanks for advice. It much appreciated

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