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Updated over 5 years ago, 05/09/2019

User Stats

19
Posts
13
Votes
Minuit Spence
  • Statesville, NC
13
Votes |
19
Posts

I have 1,500 and a credit score of 568

Minuit Spence
  • Statesville, NC
Posted

So I have $1,500 and a credit score of 568. How would I go about finding my first rental property. I’m a new investor with no real experience. What are some tips and to help me get on my way. 

User Stats

103
Posts
50
Votes
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
50
Votes |
103
Posts
Aaron B. Lewis
  • Real Estate Broker
  • Detroit, MI
Replied

If there is a aggressive investor or group in your area buying properties,they are always looking for sales folks and deal finders. With a "can do" attitude and sales acumen you could be an asset to them and learn tons in the process. 

User Stats

7
Posts
6
Votes
Jeremy Holt
  • Maine
6
Votes |
7
Posts
Jeremy Holt
  • Maine
Replied

Keep working hard! Find local real estate meet ups build relationships. Gain knowledge keep a positive attitude. Do these, and I can promise you things will start to open up for you. Heck at a meet up you could meet an investor that may need something you could do for him/her in return offer you insight, job, limited partner on a deal ect.

The truth is you don't know what is possible until you put yourself out there. It will take some time, Remember small deliberate actions equal massive results.

Challenge to you:

1, next 30 days attend two meetups.

2, read one book on investing.

3, tell everyone you meet that you are actively learning and getting ready to get involved in real estate investing.

Start planting seeds

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User Stats

1,145
Posts
871
Votes
Mark Sewell
  • Investor
  • Houston, TX
871
Votes |
1,145
Posts
Mark Sewell
  • Investor
  • Houston, TX
Replied

Dude!  You got $1500!  You are ahead of a lot of folks, in fact.  So save that and build on it!  Figure out a way to make it $2000.  Then grow it again.  Think and grow rich, one step, one echelon at a time.

Everybody here wants to talk about fixing your credit score, because bank financing is such a massive part of what the majority of investors work with everyday.  And it is important.  But it doesn't totally exclude you from getting involved.  

Figure out what else you can do right now to build experience and skills - even if you are helping somebody else.  Create some kind of situation where you earn while you learn.  Don't let this time go to waste while you are in credit improvement mode.  Use it to learn, use it to network, use it to lay the foundation for what you will need later.

User Stats

80
Posts
47
Votes
LuAnn Leighton
  • Baltimore, MD
47
Votes |
80
Posts
LuAnn Leighton
  • Baltimore, MD
Replied

@Mark Sewell, great suggestions!