All Forum Posts by: Ana M.

I completed screwed my credit before I even knew what credit was when I turned 18. 18, 19, 20, 21 my credit was in the mid 400's. 450-470. Horrible. 10 years later im almost 30 and finally have a credit score of 734. It took a lot of work to get it there.

Most of the work was done when I actually sat down with my wife and created a real budget plan to save money and tackle the credit. So the last 3-4 years was really where the most work was done towards my credit.

Long story short - i feel for ya. But congrats on rounding the corner of having good credit. I'm gonna be all over my kids about their credit when they turn 18 and not to follow in my footsteps. If I had good credit in my 20's and knew what i knew now, I'd be an investor already and not just starting out by age 30. But w/e right? Can't dwell on what if's and the past.

But that's my story, just read your thread and wanted to reach out to say great job keep killin' it. On and upward.

Thanks Blake and congratulations to you as well on your credit journey!

Years before I started building credit I was told how bad it was and that it wasn't needed and I feel into the trap of not really understanding just how powerful and important it was (I grew up pretty much dirt poor and had no financial literacy knowledge whatsoever).

Your kids will be very lucky to have someone in their life to explain credit to them!

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Originally posted by @Christopher Petrillo:

Hi @Ana M.!

If I were you I would house hack. Buy a duplex and rent one side out. Getting your credit score up is smart of you. It will open up doors in the future. Good luck with everything and if you need help let me know.

Thank you Christopher!

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Originally posted by @Kerry Noble Jr:

I would recommend partnering with others that you trust to learn from them and so someone else can share the skin in the game......

Thank you for your recommendation Kerry! I'm in the process now of finding mentors and potential partners.

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Originally posted by @Zeke Liston:

@Ana M. Congrats on the credit progress! Personally, I would suggest doing a househack (live in one side of a duplex and rent out the other). I would do an FHA loan, which will require around 3.5% down depending on the lender. The lender may even count the rent from the other side of the duplex towards your income, improving your odds of getting approved. Keep up the good work!

Thank you Zeke! So far I have one person in mind to assist me with the FHA approach. I really do want to start off with a multi family!

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Hello everyone!

I just wanted to give you all a quick mini update on my progress towards my first investment property. This is also for accountability as well.

I live in Indianapolis, Indiana, I'm currently in beauty school and my real estate investment journey started mid December 2019. While my main focus is to complete school, I'm also building my credit as well so I can try to get into some sort of a house hack by the end of 2020 or sometime in early to mid 2021.

My credit building journey started in March of 2019 and I was starting off with credit in the mid 500's. I don't really have any credit history.

This is my current score according to Credit Karma:

I'm still in the stages of trying to figure out what I plan on doing as far as my beginning investing approach. So far, my options are either (based off of my lack of 2 year work history, 620- 638 credit score and possible low income when coming straight out of beauty school $15k-$35k):::

• Some sort of sandwich lease/seller financing/rent to own ( I was thinking about Rainbow Realty's program)

• USDA loan and looking into up and coming small towns/cities or homes that are in the eligibility area that are on the outskirts of major cities

• BRRRR & getting into hard money through Quickline Capital (Anyone done any business with them? Or know someone else?)

• Private lending through privatelender.fund (Anyone done any business with them? Or know someone else?)

• FHA or FHA203K and getting someone to cosign due to my lack of a 2 year work history

I'm trying to get my score up as much as possible so when I do get to that 2 year mark, I'll have more options available to me. I was also thinking about getting my realtor license but I'm not really too sure about that as of yet. I'm still reading the low/no money down book so I'll be updating my options as I read.

Thank you for reading! I'm very open to feedback about my plans so please let me know!

2 Votes

Originally posted by @Eric Severson:

It takes time to get educated. I am only 1 year into it and my learning curve has grown exponentially in the last month or so. Having no money and no credit is a great advantage because it will force creativity and forces better decisions. I had money and credit and I made a couple of very bad decisions. My education grew exponentioally as I ran out of money and credit because I want to keep going. Having money and credit will enable bad decisions and force you to not be creative. Mistakes is part of the cost of education but education should not be that expensive. Desire will make you take action and being creative will fullfill your desire. Walking door to door is free, asking for owner financing is free, asking for subject to is free. Those are just questions but they have to be asked. No just means not right now. There truly are ways to do this with no money. I think a better phrase is not your money. Real estate requires money but it does have to be and should not be your money. Find a deal to wholesale but joint venture with a wholesaler to walk you through the process. Going through the process is the greatest learning tool.

Thank you Eric, this is such an eye opener! I reached out to a whole seller in my area yesterday and I plan on reaching out to others. I'll also be taking into account the other methods you mentioned!

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Originally posted by @Eric Severson:

i cannot specifically answer your question but traditional mortgages are always a nuisance. The economics of scale would not involve tradional mortgages anyways. Focus on off market deals finding people who need help. Sandwich lease options, owner finance, subject to existing mortgage and of course wholesaling. Thinking creatively is better use of time than trying to qualify for mortgages.

Thank you so much for your reply! I just purchased the low/no money down book a few moments ago to look more into creative options. To be honest I am a bit nervous about the more creative approach(I'm just nervous due to not knowing much about those things or knowing anyone since I just started this journey less than a month ago) but I'll do what needs to be done so I can have totally financial freedom!

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Hello everyone!

I'm currently in Indianapolis, Indiana and I'm planning out my future house hacking journey before I leave Cosmetology school around September 2020( I started school around June 10th 2019 and I'm currently on leave due to some health issues).

I've been a unmarried homemaker for the past 3 or 4 years, I'm currently building my credit (I'm around 600 so far), and I plan on working part time as soon as I graduate from beauty school. I don't have much in savings as of now but I don't plan on purchasing anytime soon until I do have a decent savings.

I'm on the journey to have multiple streams of passive income and eventually replace my part time income as time goes on in my real estate journey.

My question is, can someone with a very limited work history qualify for an FHA or FHA 203k loan? Could I apply for one of those loans if I've been on the job for 6 months after leaving cosmetology school?

Thank you and I appreciate the feedback!

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Very inspiring, thank you for posting!

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@Nathan G.

I'm loving this thread, its giving me alot of ideas for books to read!

I'm currently reading:

- "How to Invest in Real Estate: The Ultimate Beginners Guide"

By:: Brandon Turner & Joshua Dorkin

- "What They Don't Teach You In Cosmetology School"

By:: Marquetta Breslin

1 Vote

All Forum Posts by: Ana M.

Ana M. has started 2 posts and replied 13 times.

Post: My first steps as a newbie investor

Post: My first steps as a newbie investor

Post: My first steps as a newbie investor

Post: My first steps as a newbie investor

Post: My first steps as a newbie investor

Post: Homemakers and FHA/FHA203K Loans

Post: Homemakers and FHA/FHA203K Loans

Post: Homemakers and FHA/FHA203K Loans

Post: How I achieved $5k+ monthly cash flow in 1.5 years

Post: What books are you reading right now?