Real Estate Broker · Manchester, NH · Member since 2017 · 149 posts · 103 votes
5y
Hi @Ramon Jacobs - good for you for wanting to take the right steps to get going with your real estate investing. Sometimes the best thing is simply time, especially when it comes to your credit score. Not only will waiting a little while allow you to work on your credit, it will also allow you more time to save up for a down payment and additional unexpected costs. Connect with a lender today, many of them will be willing to give you exact steps you can take to repair your credit and get you qualified for financing in the shortest amount of time possible. Good luck!
What would be a persons options, who has a bad credit score yet wants to invest in a Home Owner Occupied property ie. something with 4-6 or 8 units?
FHA is a first time home buyers program that can accommodate people with less then perfect credit, however you'll need w2 income and FHA maxes out at 4 units.
When you move into 5+ youre in the commercial realm and you will need to have GREAT credit, good financials, and a great deal.
@Jessicastevenson would buying probably a single unit with cash be more wise...refinancing etc..(the Brrrr method) bc I don't have a good score @ the moment?
And I am working on building my Cerdit score, thanks.