5 Replies

If you are a Newbie thats Primed, Ambitious, ready to be all in with Real Estate Investing, but you have "NO" avenues to secure funds for your initial investment due to bad credit. You don't know anybody that can provide Private funds by way of Hard Money etc! You don't want any partners because you've been burned before. Which initially caused the bad credit issue! You've started to save but don't have quite enough to even purchase a decent BRRRR at this point.

What can a NEWBIE do to overcome this? 

This is an obstacle I've been dealing with for a while now. My only solution is continue saving everything possible. I continue to look at properties in markets I wish to invest in. Read self help RE book, Write down all of the ideas I wish to accomplish & hoping a good deal will still be available for purchase. With the possibility of prices coming down due to the virus makes me even more eager and wanting to jump in.

Call a banker.  get a pre disapproval letter.  :) good Banker will let you know what you need to do to get conventional financing. 

get more frugal.  get a side hustle. 

You are on the right track, but if you are ambitious and motivated, you can wholesale. It's a grind, but you can make great money doing it, build up some cash while you improve your credit AND you'll be networking with local investors who can help you get a jump start. 

Best of luck!

I would focus 100% on finding deals.  Partner with people or wholesale.  There are so many opportunities in this industry.  If you do not have cash right now, you can still find a lot of other ways to add value.