Advice needed - bad credit and collections account but GREAT deal

[Joel Rodriguez]

Hello everyone!!

Many of my past mistakes now are holding me back from my leap into the world of real estate. I have found quite the passion for the whole "rehab & rent" vehicle and have found such a great deal and am ready to dive in. My poor credit and collections account are a huge roadblock when it comes to the funding part of my journey.

What I'm hoping for is someone who walked my path and found success. Hopeful for some advice on some actionable steps to take right now to get me this God-send of a property. Any help or advice would be greatly appreciated!!!

Thank you for taking the time to either reply or read this.

God Bless

[Randy E.]

Originally posted by @Joel Rodriguez:

Can you explain why?

 Ignore him.  Take another look at his last name.  Troll account.

Regarding your possible deal, I'd have to say that without credit, money, or experience, this is one you're going to have to watch slip away. The first thing you should do is begin saving money. Second, begin mending your credit. Third, along the way, learn more about the many facets of REI. A year or two of doing these three things will put you in good position to begin the next step.

You may say, "A year?  Two years???  I don't want to wait that long!"  Well, sometimes, it takes that long or longer.  When I was making plans to buy my first investment property, I saved and prepared for over 2 years to get ready for the venture.  Unless you have a six-figure job, great credit, and thousands already in savings, you too will have to plan and prepare.  The good news is, you can do it.

Good luck.