Minneapolis House Hack

[Gloria Stonelake]

Real Estate Professionals!

I'm looking to househack in Minneapolis outskirts by the end of the year. I'm 18 and run a 6-figure run-rate business -- but I do not have any history of credit (thx stubborn parents😆)

Here's the question...what's my next step? How do I make this possible?

[James Hamling]

@Gloria Stonelake I would say step 1 is take action to start "fixing" the credit issue, which is a long-game but every day not started is another day longer, right. 

Step 1 is uber-simple; get a good credit card that has some kind of rewards/kick-backs that are most profitable to yourself, like cash-back or sky miles etc.. Than, dedicate that for a certain reoccurring "thing" like all fuel purchases, or all meals. And, very importantly, set-up auto pay so never misses a payment BUT, also make a schedule to pay balance in full bi-weekly, not monthly. 

I wont bore with the pages of the technical on how this works, short-short version is it "hack's" the system for getting maximum positive credit marks for such. 

Next, 2., get very strategic with your credit. Never open or close an account without full strategy for the action. The way the credit agencies lend a rating is, well it's interesting analytics, rather complicated really. So be VERY careful to be strategic.     I have meet many just assuming good score comes from time, they make great $, make payments on time for years on end, and have a 745 score. It's about feeding the analytics the data it needs to "poop-out" the score you want. 

3. Why Minneapolis???? 

4. Depending on financial position, it's going to be about getting a Rock-Star of an agent who knows how to get you a good terms based purchase, assuming you have finances for such. Well seller finances, credit can often not even be glanced at, a total non-factor. But, again, assuming you have finances for it and have a Rock-Star REI Realtor. They gotta know seller financed deals inside-out, not in theory but something they do so often it's just 2nd nature. Because there gonna have to be so good at it that they can sell the seller and or sellers agent on it.

Or.... could use a 3rd party CD intermediary. That's when we do a kind of sandwich deal, property you want, qualified with the "meat" CD investor, that they actually buy it conventionally and simultaneous sale to you on C4D at closing.    Yes, of course there is a cost for such, there not a charity, but for those properties seller won't take terms, and it's worth it, well it can be worth it. 

Re-cap: 

Get started on smart credit building, be credit strategic, and get with a Rock-Star REI Realtor because we got skillz and trick's galore including how to buy with OPM vs bank-$.