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Updated over 1 year ago on . Most recent reply

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Rodolfo Varo
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Trouble starting, no money and bad credit.

Rodolfo Varo
Posted

I feel the need to start something else besides my job and I really want to jump into real estate (passive income) and I believe that's rental properties.

I recently put my house for sale hoping to get the equity to put it on the market.

Sadly I have bad credit but I want to work on fixing my credit and my finances.

Any suggestions?

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Caleb Brown
  • Real Estate Agent
  • Kansas City
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Caleb Brown
  • Real Estate Agent
  • Kansas City
Replied

Do not invest in real estate yet. You need to get a strong base. Having no money and bad credit is not good. Selling your house can help get you in the right place but it won't fix what got you in your situation. You need to budget and track your money. See what comes in and what goes out. If you need to increase your income do so. Once you get your personal finances in order you can invest. If you can't manage your money now when you invest you won't be able to manage that well. 

  • Caleb Brown

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