Investor · west seneca, NY · Member since 2014 · 376 posts · 211 votes
11y
without cash or credit? yes, it would be hard, but not impossible. it really depends on what you mean by both. is your credit bad? then jump on www.annualcreditreport.com and check out why your credit is bad. you can dispute many and all things found on your credit report. the more you dispute and get removed, the better your credit score will be. on annual credit report. com, you can get a free copy of your credit report from all 3 credit reporting companies. on creditkarma.com, you can get your free credit score. now, as for the cash part, just how little cash are we talking? none? very hard to manage in this business without it. you might be amazed just how little cash you need to get going in this business. you could find a motivated seller and use creative financing. do some reading here on BP on creative financing and start thinking outside of the box. you would be amazed what you can find out there.
Herndon, VA · Member since 2014 · 1k+ posts · 324 votes
11y
Your best first step would be to improve the no cash/credit situation. At the same time you are doing that, you can learn about real estate. Once your cash/credit situation is improved - you will be able to use them more effectively.
Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
11y
Usually if you lack credit and cash you will overpay for whatever you are acquiring and before it's over will have less cash and worse credit than when you started.
Think about a "buy here pay here car lot" ,low down payment and 20%+ for a worn out car.
Buyers only ask " how much are the payments?" They never end up owning a decent car and will always have a payment.
Get your credit fixed and find some money. Learn as much as you can from this site and partner with someone.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
11y
Sounds like the song that wholesaling gurus sing.
For any business transaction to take place, there are 4 functions of economics applied, you must have 3 or the 4 to have a transaction. Land, labor, capital and entrepreneurship, and land will always be one of the 3 as it must take place or be used in conducting the business. When you have less of one, you must compensate by introducing more of another, less capital means more management or entrepreneurship or more labor. Credit is part of capital requirements, no credit needs more money or other function to compensate for the lack of it.
All that goes to Ben's post above. No credit or capital, you need more knowledge to apply management skills and no guru is going to teach you the real knowledge to success, in this area, they sell hopes and dreams.
I have acquired properties simply on my credibility, using none of my money or handing anyone my credit report. It takes time to gain the kind of credibility others may rely on allowing you to acquire a property in that way. Rome was not built in a day! Start learning real estate and not how to play the shell games. :)