Should I take action or wait
Hi BP,
I'm new to real estate investing but have been reading a lot of BP articles, listening to BP podcasts, networking and learning my market. My credit score is around 545 so I'm still working on that. I just started a well paying job but don't have any money saved yet. My uncle has really good credit and can help re-finance if needed.
I want to start off with one rental property by the end of this year. I feel ready to take action but not sure if this is the right time. My plan so far is as follow:
-Find a property (50k or less) with good cash flow
-Use hard money lender to finance the property.
-Rent out the property
-Refinance the property in 6-12 months
My fear is not being able to refinance due to my credit.
Should i wait until my credit score improves while saving capital or can this still be done if I find the right property and hard money lender?
What else am I missing or should consider?
Thank you in advance