Debt free with 50k to play

[Jaron Tibbe]

I've been a fan of Dave Ramsey for quite some time.  I've lived my life pretty much debt free even before I heard about him, and was looking for some input on getting started.  Here's where I'm at:  sold my primary residence and profited 100k.  I just bought a fixer upper that I intend to live in (I'm a carpenter by trade) and that will leave me with 50k to start my rental company.  My credit score isn't great (lack of history mostly), and it's at 618.  Does this even qualify me for a loan?  Or should I stick to straight cash purchases.  Thanks for the help. 

[Joshua D.]

@Jaron Tibbe 

I challenge you to talk with 3 bakers this week and find out what options you have. Don't buy all cash if you CAN get some good financing.  I would recommend your small time local banks or credit union. They are usually the most helpful and flexible. 

650 credit score is usually required for conventional loan. but again see about an in house loan, rates may be higher but if you find a killer deal it might pay out.  

Just don't let inaction stop you.