Advice on starting out

[Connor Fitzgerald]

My name's Connor Fitzgerald and I'm attempting to break into the real estate investing market. Currently I have $40,000 in cash, but no credit score. I have opened two gas cards to attempt to develop some credit over the next year. I have found that most of the lenders I talk to tell me that I need experience to invest out-of-state and a credit score. I have found several small multi family units in the market I would like to start in (where the vacancy rate is almost non-existent). I have yet to find a lender that will approve me, but I hope that after I develop my credit they will begin lending. As for now I'm trying to decide whether I should go ahead and buy a triplex outright (needs new roof and minor touch ups), sit on it for a year, then refinance my capital back out and begin reinvesting the money, or should I just wait an entire year to begin investing. Obviously, I'd prefer to begin now, but can't decide what my best option is. Any advice would be great.