Improve Credit, Or Start Investing?
Hello all! First post here!
I'm based in Canada, 31 years old and currently working as a Commercial Real Estate broker. Love the industry and now want to start building my "empire" of residential investment properties.
I'm not in the best financial situation:
- Credit card balances of $30K (I'm still recovering from the loss of a former business. No bankruptcy thankfully, just closed it)
- Poor credit score, at 612 - mainly due to these balances and lots of applications for credit over the past few years
- Own home, but not enough equity to refinance
Question is, should I take some time to improve my credit score, or start finding creative ways to finance my first deal?
We're actually recovering well from our former financial situation, and I cleared $100K in commercial deal commissions last year to pay down 50% of our balances. At one time we owed $80,000!
Anyway, just wondering where I should be focusing my efforts right now. Any advice appreciated!