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Updated over 9 years ago,

User Stats

24
Posts
10
Votes
Crystal Em
  • Houston, TX
10
Votes |
24
Posts

Starting out when you have money but don't have credit?

Crystal Em
  • Houston, TX
Posted

Hello everyone, 

My name is Crystal, I'm 30 years old, and real estate investing has been a dream of mine for many years now, though I've only been seriously studying up on it for the past year. 

I'm looking to begin investing with my parents. They have enough savings for us to self-finance the purchase and rehab of rental properties. 

The problem is that I'm not sure any of us have strong enough credit to refinance once the properties are ready to rent. 

I have very little credit. I've also worked mostly freelance so I don't have a steady employment history, and I have almost nothing in savings. 

My dad recently retired, so he no longer has a traditional income, and though he has decent savings, his credit is spotty at best. 

My mom has steady employment making 100k+/year, roughly a year's salary in savings, but her credit is completely trashed. She co-signed an auto loan for a friend a few years ago and they've been delinquent with it the entire time.

I'm very concerned that none of us could get financing together, much less individually. What do you guys think. Is this dream out of reach for us? Thanks for reading.