How will I get funding for my first deal?

[David Yates]

Hi, I want to become a real estate investor and I know with the resources you have on your site, I will be a successful one. However, my financial house is not in order and I want to know how soon I can start pursuing my first house flip. The following are the concerns I have:

1. I have tried a couple of times to get a $3,000 personal loan from different financial institutions to consolidate my credit card debt and have been turned down each time

2. I filed bankruptcy in 2013 and have a credit score in the high 600's

3. I have a student loan of 250K that I'm not paying on because I'm on an income-based repayment plan and my income for 2016 will be around $22,500

4. I personally don't own a home

I know that one can close a deal with no money down, but will the above concerns impede me from getting started on my first deal immediately?

145906

[Ozzy Smith]

I debated on weighing in at all on this but I decided that I must. First off yes you can absolutely buy a property. It doesn't matter what your situation is... if you have a good deal money will always follow. That was the phrase told to me that changed my life. It may not be the exact terms you want but it can still be profitable. Most banks will do a deal with a BK 2 years removed which yours is. A HML doesn't care about your credit as much as the deal. My first deal I had a credit score in the low 500's and had an income about 20K. I found a deal with no experience and closed on it in 3 weeks then proceeded to buy 14 more in the next 10 months. I still struggle to get great financing but my situation is getting better each month. Don't ever let a little thing like money stop you from achieving your dreams.