New Real Estate Investor
Hi I am attempting to purchase my first property. I have new credit and I'm saving up money, only $1,000 currently. Do you think it will be difficult for me to purchase a property with my credit and money? Do you a private money lender or partner will fund my deal with this case? How should I finance my deals then
Most Popular Reply
Sulaiman, personally I think you should wait 6 months to a year. You said above that you are educating yourself as much as possible right now. Continue educating yourself, give your credit a little while longer to improve, and continue to save money.
I am new to real estate investing as well. ( I have my first property under contract) A year ago I had mediocre credit, no cash and debt. I got debt free, read every book I could, and saved enough to get an FHA loan on a triplex. I am now going to live in one unit and rent the other two while I save and prepare to finance the next one. I may even rent the extra bedroom in my unit. (Pending the fiancés input haha)
Best of luck with your decision and journey.
-B