Leveraging personal credit for wholesaling real estate

Wholesaling
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Leveraging personal credit for wholesaling real estate

Tyrell Blake Jr
Detroit, MI · Member since 2020 · 3 posts · 0 votes

Hello, I’m 20 years old and have good to excellent credit. I’m looking to get into real estate investing by utilizing my own credit to wholesale properties in hometown and find buyers. Please give any advice or suggestions that you might have to help.

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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y

You don't need credit to wholesale. 

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  • Scott Matthew C.
    Real Estate Broker · MI · Member since 2014 · 594 posts · 183 votes
    3y

    Hi @Tyrell Blake Jr , thanks for your post. I'm in Ann Arbor and frequent Detroit since I have property around the area, such as Redford. 

    I would advise you to speak with a lender first or with a private money lender to find out what you can do on your terms. 

    Nevertheless, what you are entertaining is Joint Venturing with someone. Carefully select wisely and require proof of experience. 

    If you haven't already, consider joining the REIAs in our area. Let me know when and where you are going, and perhaps we can meet up.

    Best of luck!

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    You don't need credit to wholesale. 

    2Reply
  • Tyrell Blake Jr
    OP
    Detroit, MI · Member since 2020 · 3 posts · 0 votes
    3y

    @Eric Williams I appreciate your help and advice. Yes i would live to have a sit down with you. How could we discuss more?

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  • Eric Williams
    Investor · Houston · Member since 2020 · 26 posts · 8 votes
    3y

    @Tyrell Blake Jr I sent you a DM with my contact info.  Please reach out!

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    Start attending REIAofOakland, Wayne REIA and MREI events to figure out why your question makes no sense:)

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y
    Quote from @Eric Williams:

    Hello Tyrell,

    If you have excellent credit there are other ways you can get started in real estate for zero money down like sponsoring loans.  You can get paid either in cash for this or in equity.  Happy to schedule some time to talk to you about this in more detail.  Hit me up.  Happy to talk to you in more detail about this!

    please take no offense to this post.. but the very LAST thing you want to do at your AGE and experience level is lend your credit to someone else. This is highly risky and if the deal tanks your screwed for years to come..  Use your good credit to start by House hacking buy your self a 2 to 4 unit which should be very easy in your area and live in one unit for free.  And do what @Drew Sygit suggest and get out in your imediate community and network and learn the business taking a pre license RE course which is very cheap is a good way to learn how real estate functions.  Wholesaling while it sounds easy is very tough to actually do and if your not successful you just blew thousands of dollars on marketing  that money could have been used to buy yourself a roof over your head and start your investing career.   Again Just Sayin.. Be uber careful with the excellent job you have done at your age to create income and credit guard it carefully. 

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  • Bryant Brislin
    Title Representative · Irvine, CA · Member since 2017 · 874 posts · 519 votes
    3y

    Yea, you could use a bit of your money so that you can afford marketing and putting down deposits.

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