How to get started with apartments

2 Replies

Hi my name is Banita. I am trying to start my investing career in real estate. I would like to know how to start. I tried buying a house on a contract of deed and it fell through. I gave a down payment of $1000 and then the house went into foreclosure. I am looking at apartments, now. I have done a lot of research and the only thing that I am stuck at is financing. I have a 620 credit score but bad repayment history. The repayments are over 7 years old but they are keeping the lenders away. My debt is less than $5000. I do not have any credit cards, mortgages, nothing. What can I do to get started?

What is hurting you is not having any line of credit.

15% of your credit is based on how long you have had credit. Since you have no credit history open its hurting you.

Your outstanding debt doesn't help either because your debt to credit ratio is bad since you have no available credit.

I would suggest getting a major credit card ie chase, capital one. If you have trouble attaining those there Is starter credit cards that will approve you.

As for your intentions of 1000$ down. Be prepared to pay more than that.

1 step at a time work on your credit

What is hurting you is not having any line of credit.

15% of your credit is based on how long you have had credit. Since you have no credit history open its hurting you.

Your outstanding debt doesn't help either because your debt to credit ratio is bad since you have no available credit.

I would suggest getting a major credit card ie chase, capital one. If you have trouble attaining those there Is starter credit cards that will approve you.

As for your intentions of 1000$ down. Be prepared to pay more than that.

1 step at a time work on your credit

Oh I noticed you mentioned that you have bad repayment history. That is 35% of your credit score

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.