Newbie with small cash but bad credit..

5 Replies

Hello to Everyone, 

             I am in the Northeast and would like to hopefully buy a rental property anywhere profitable under 90,000. Yet my credit score is not strong.. I have enough for a down payment and other costs.  

             I have two cars in my name, one i own , the other i co-signed for. yikes.   they missed payments. plus student loan of 50,000.  these are my debts.  

             I make great money now. so how can i get in the market low and build a portfolio of property. 

someone help the new guy please.. 

Well if you make great income you should pay off the student loans, probably sell the car you own in your name and buy one cash. From there I would see if you can refinance out of the other car payment.

i have thought of that, the other is way upside down an old model repair weary BMW,  i make a good enough money to say above Northeast rent water.  but if i use what i have saved i might not have enough to invest   so far 24,000 saved.. 

Well that’s what I would do. Real estate gets much harder if you have bad credit.

You shouldn’t have expensive cars anyways. Expensive cars and their corresponding car payment is the biggest reasons Americans stay poor or lower middle class

Partner with someone who has good credit or find a property you can pay cash for. Real estate is all about networking and relationships.

If you're handy, I would find a condo that you could pay all cash and fix it up yourself, then rent or sell.  Be creative. There is a way around everything.