My first steps as a newbie investor

[Ana M.]

Hello everyone!

I just wanted to give you all a quick mini update on my progress towards my first investment property. This is also for accountability as well.

I live in Indianapolis, Indiana, I'm currently in beauty school and my real estate investment journey started mid December 2019. While my main focus is to complete school, I'm also building my credit as well so I can try to get into some sort of a house hack by the end of 2020 or sometime in early to mid 2021.

My credit building journey started in March of 2019 and I was starting off with credit in the mid 500's. I don't really have any credit history.

This is my current score according to Credit Karma:

I'm still in the stages of trying to figure out what I plan on doing as far as my beginning investing approach. So far, my options are either (based off of my lack of 2 year work history, 620- 638 credit score and possible low income when coming straight out of beauty school $15k-$35k):::

• Some sort of sandwich lease/seller financing/rent to own ( I was thinking about Rainbow Realty's program)

• USDA loan and looking into up and coming small towns/cities or homes that are in the eligibility area that are on the outskirts of major cities

• BRRRR & getting into hard money through Quickline Capital (Anyone done any business with them? Or know someone else?)

• Private lending through privatelender.fund (Anyone done any business with them? Or know someone else?)

• FHA or FHA203K and getting someone to cosign due to my lack of a 2 year work history

I'm trying to get my score up as much as possible so when I do get to that 2 year mark, I'll have more options available to me. I was also thinking about getting my realtor license but I'm not really too sure about that as of yet. I'm still reading the low/no money down book so I'll be updating my options as I read.

Thank you for reading! I'm very open to feedback about my plans so please let me know!

[Zeke Liston]

@Ana M. Congrats on the credit progress! Personally, I would suggest doing a househack (live in one side of a duplex and rent out the other). I would do an FHA loan, which will require around 3.5% down depending on the lender. The lender may even count the rent from the other side of the duplex towards your income, improving your odds of getting approved. Keep up the good work!