I can't leave Square 1 ! Minimal Capital & Low Credit
Hey BP,
It's me again and there is so many questions I have that I know I could probably find here on the BP forums, but I find myself in the same rut. Money & Credit.
I myself come from a very poverty stricken area in Cincinnati, OH. Recently relocated for my business to Parkersburg, WV. I currently run a cleaning service but I am not rich by any means. It's just a locally owned cleaning company.
A little about myself is I am 21 years old, and I have had a passion for Real Estate Investing for as long as I can remember. At first it just seemed like a gateway for me to earn the financial success that I've always dreamt about so that me nor my family would ever have to struggle again. However, within the past year I've become obsessed with it. I've read books, I get on BP religiously, I have been studying different ways to get into REI with little to no money because essentially that's my biggest downfall is no capital. Due to identity theft issues, which I won't get too far into, my credit score is sitting pretty low right now which is terrible. Banks will literally laugh me out of their offices.
Since coming to BP, I stumbled across Wholesaling. I know Wholesaling is for individuals who lack the funding to be a cash buyer themselves, or lack the credit to get a HLOC. I was going to try my hand in it, but I had more people telling me that it was flirting with illegal issues than people telling me to go for it. Not to mention I just didn't feel comfortable doing it.
As of right now I make around $2,000 a month after I cover all my overhead for the business, and that $2,000 has towards my monthly bills (Rent, Gas, Electric, Water, Food, etc..) So I am on a pretty tight budget. It's when I do these number crunching that I start to get discouraged because I feel so far off from being able to do what I want to do with REI which is building my own rental portfolio. My goal is to one day have 100+ rental properties of my own, and right now I feel like i'm just walking in a circle.
Do you have any suggestions for me? I have low credit, though I am working on it daily -- and I have minimal money. Any advice helps, and I appreciate you taking the time to read my post.
I look forward to hearing from you all!