hi I’m new to real estate but after I read rich dad poor dad I knew this is something I wanted to do. I don’t have a lot of resources or help it’s just me I am a single mom with two children I have a significant other but he’s incarcerated at this time. My biggest fear is doing it on my own and people taking advantage of me because I am a female. I don’t have a down payment to put down on a property. But my question is can I use credit as a down payment towards my first property and if I should go into wholesale first or flipping houses. Please I need some advice
If you don't have a lot of resources, wholesaling would be the best and only option IMO. Unless you're doing a cash deal, the banks likely won't take it from a card.
As far as being taken advantage of because your a girl, first off I'll say, I'm glad you're aware that it will likely happen! Now, your best defense is knowledge-- know what a reasonable price for X/Y/Z is, and have the knowledge to say no, why you don't need it.
@Taryn Lewis Step 1 is to see whether wholesaling is legal in your state. It's not in most - unless you actually close on a property before marketing it to others.
In most states, you need to be a licensed real estate agent and working under a managing broker if you want to market properties that you don't own.
However, if you close before marketing it (that means even discussing the availability of the property), then at that point, it's yours and you can market it yourself. No state that I know of prohibits you from selling your own property.
Listen to Podcast #231. Brent Snodgrass was the guest and discussed this in detail.
Thank u guy I will listen to the podcast and get more knowledge in my state to see if I can wholesale and I do believe that flipping will be a hassle if I don’t have the resources I just have to figure out my marketing strategy with this I think I’m more nervous then anything but I know I can do it
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