All Forum Posts by: Mindy Jensen

Welcome to BiggerPockets, @Javier Alvarez.

I'm not sure about 100% financing for someone with little or no credit history. One thing to do while you are looking for your first property is to start setting up your credit. Apply for a credit card from a major bank. If you get turned down due to your lack of credit history, apply for a secured card. A secured card is one where you put down a deposit, say $500. That deposit becomes your credit limit, so the bank is not taking a chance on you. Make purchases just like a normal card, and they send you a bill just like a normal card. You make your payments on time (which is super important) and this information gets reported to credit bureaus just like a normal card.

You can easily raise your score with this positive information on your report. Start by charging small things, like gas or groceries. 

Another thing to do while you are searching for your first deal is to learn your market. Find an agent and have them set you up to automatically receive listings similar to what you are looking for. You can get a feel for prices and market time by doing this. You'll know a good deal when you see it.

Welcome to BiggerPockets, @Israel Quintero. These are some of the biggest reasons I flip houses, too. I love taking those old, outdated (read ugly) houses and making them new and beautiful. I also like that big fat check I get when I sell the house...

If the property is listed with an agent, you should contact the listing agent. If it is not on the market, contact the seller. The worst they can say is no.

@Trina C., I think you are meaning Hard Money Lenders. A Private Lender is someone you know, like a family member or friend, who will loan you money. Hard Money Lenders are people you may not know.

@Chris Seveney is most likely referring to our Hard Money Lender Directory. 

@Steve B., I am not saying they are worthless at all. I'm saying they aren't iron-clad. I think many people believe that an LLC will protect them from anything, and that simply isn't the case.

Thanks for the back story, @Mark Graffagnino. I read a few of the articles, but I didn't come across that one. Not a really smart move on Warren's part.

@Rob Beland, thanks for the clarification. That is what I was trying to point out. His whole defense was that he didn't own them, the LLC did. An LLC is not a suit of armor, and it won't protect you from everything.

@Kate H., there will always be another deal. A relatively new house that already needs so many repairs is probably best left to someone with a lot of experience and a contractor already in place. Either that, or offer unbelievably low.

Well you're certainly in the right place, @Sonja Razmovski. Welcome to BiggerPockets.

You have found the forums, but did you know we also have a Podcast and Blog? Even more information can be found there. The Podcast is perfect for the drive to work or while you are working on your property.

Thanks for sharing. What a great story. And I love how you visit the local banks every so often to connect with lenders there. I'm gathering tips for creating relationships with local banks - I'm definitely including this one!

Excellent advice, @Corey Dutton. Great examples of costs that are easily forgotten.