Starting out with odds against me

[Scott Allaire]

Hey everyone I'm a newbie and don't really know anything about real estate except for the few articles that I've read and the ultimate beginners guide on the site. I'm really interested in getting into investing but haven't got a clue how to start and having the feeling of the odds being stacked against me. I've move to a new place for work in Alberta, Edmonton and don't really know anyone but was able to pay off all my debt. Thing is I have a really poor credit score and don't know of any family having money to lend to even start on looking at homes or anything. I've started saving but I don't think it will help if my credit score is shot. So I guess my question would be can I work around my credit score and still get something like sellers financing or should I just try to repair my credit score and how do I go about doing that. I'm interested in multifamily homes and the buy and hold strategy if that would help with the situation. Thanks in advance everyone 

[Brian Wheeler]

@Scott Allaire you do not need a great credit score to start doing real estate. You can start off by wholesaling, which is getting a property under contract and then flipping the contract for a fee. You never actually purchase the property so there is no need for a bank. However, if you wish to make a career in real estate and actually invest (wholesaling is a sales job) then you must do everything in your power to repair your credit. Banks are going to be one of your best partners in the industry and without a credit score, good luck.