Yes! You need good credit and cash! Tips on how to get both.

We are bombarded by the no credit, no cash claims all day every day. I see it all the time. Everyone naturally looks for the easy way to accomplish a real estate purchase. There will always be those selling the dream of the "no cash, bad credit" method to real estate, but will it make you successful?

I say no

Success is just a word. The definition can vastly vary between individuals. If you consider making a purchase with no money, and bad credit success, yes, you can achieve this. There are plenty of others who have done this on BP.

I believe that if you have no money and bad credit. Some bad habits are the cause. It's difficult to look at ourselves in the mirror every day and root out bad habits and replace the bad with the good. Learning how to purchase a property with no cash, and bad credit will not correct those bad habits, and you will most likely burn yourself, and anyone crazy enough to do business with you.

Take your journey into real estate seriously, root out bad habits every day. Here are three tips I suggest that will get your credit, and cash in better shape.

1. Track everything relating to cash and credit.

You should know every cent coming in, and where every cent is going before you even get it. You do not need a college degree, but a few accounting classes from the local college will give you the skills required to accurately, and intelligently track your cash flow. In regards to credit, educate yourself in how your credit score works, and the laws relating to your credit report. Self-educate on the internet, and join as many social media credit repair groups as possible. I was able to take my score from the mid 500's to over 700 in just six months. You can too!

2. Cut out the small expenses.

I always thought the biggest monthly expenses were the mortgage and car payment, but when I got into the numbers, I found out it was the small purchases that were killing me. $4 here and $7 there add up over time. Do make the same mistake. Cut out the small expenses, and see your cash reserve grow.

3. Have patience and commit to being a better person in business and in private.

Do not be the one who is rushing to make a purchase. 12 months from now, there will still be deals out there. Being a better person, with better habits will ensure you are around ten years from now making real estate purchases. Commit to learn before you earn.

My blog posts are kept short intentionally. No one wants to read a long technical post, and they will certainly not remember it.

If there are any questions in your mind when you finish reading do not hesitate to connect with me privately, and I will be happy to provide more details, or help with your particular situation :)