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Updated over 4 years ago on . Most recent reply

User Stats

28
Posts
14
Votes
Nicholas Rickman
  • Contractor
  • Gig Harbor, WA
14
Votes |
28
Posts

Just got out of prison. Read alot on real estate. Were to start?

Nicholas Rickman
  • Contractor
  • Gig Harbor, WA
Posted

I have quite a bit of knowledge. Not any credit. I have a plan to build a six unit apartment complex for transitional housing. Any advice would ne great.

Most Popular Reply

User Stats

30
Posts
59
Votes
Justin Carmack
  • Investor
  • Avon, IN
59
Votes |
30
Posts
Justin Carmack
  • Investor
  • Avon, IN
Replied

Money, experience, and credit... It's not hard to live without one of these three, but having at least two of these makes life much easier. Obviously there are always exceptions.

If you need cash you could get HELOC on the house.

My advice would be to start smaller and build some experience and your credit.  Possibly work (or even volunteer) for an experienced person that's an active player in real estate.  Learn the ropes from them, especially if you're going to do new construction.  

From what I've seen even hard money lenders and investors won't lend money unless you have experience with multiple properties in the last year or two.  They typically want experience rehabbing two or three properties before they will think about loaning money.  Additionally, they require at least 10%-20% down on the property.

Might see if you can do some creative seller financing deals.  These don't require credit because the seller holds the note.  Additionally, they might require little money as a down payment.  

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