Advice

5 Replies

Hey BP,

I am 22 and new to real estate investing I Have read a couple of forums on investing and am looking to get my feet wet.

any advice on where i should start? I don't have much money and not so good credit.

@Gary Threadgill , I'd recommend you listen to podcast #54 where @lisa Phillips tells her low budget, bad credit story. She also lives in the DC Metro area but invests in Baltimore.

I'd definitely recommend you get into the podcasts, the forums, and the free resources on this website, especially the ultimate beginners guide. There's a ton to learn and many unique strategies that work for investors at all price points.

hello @Gary Threadgill

welcome to bigger pockets I can't agree anymore whit @Matt Vaughn

the best direction to go is wholesale great way to star real estate investing

good luck bro hope this helps

Read read read. Find others in your area doing it and try to learn from them. Offer to help them for free.

@Gary Threadgill I would recommend that you listen to every single podcast (I have.) and take notes and search for all terms that come up that you don't know or understand here. Get Gary Keller's book, "The Millionaire RE Investor" and read it, cover to cover.

I recommend you go to http://www.clarkhoward.com/categories/personal-finance-credit/ ( I have no affiliation to Clark Howard, I just find his information to be good, no-nonsense advice.) I also recommend www.kreditcarma.com (No affiliation.) as a good free site for your credit score and recommendations to help you improve it. With limited ability to borrow, you have limited ability to invest. There are ways you can invest with bad credit, but it will handicap you.

"Don't have much money and not so good credit." You need one or the other and preferably both. I started with good credit and very little money, you have to have one or the other or you're taking a huge risk. The huge risk is the unexpected. You should always expect the unexpected. If you don't have a little money or some credit to fall back on when an unexpected expense comes up, you are in no position to own real estate.

Gary you won't get very far without money or without good credit. You don't need both but you definitely need one or the other. I would start by actively working to improve your credit. I would suggest you go to a local credit bureau and talk to the owner. Explain your situation and ask for their help. Avoid all the gimmicky credit repair companies.

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