All Forum Posts by: Joedocei Hill

Hello All,

My name is Joedocei Hill and I will be moving to the Richmond area this summer. Before moving I am looking to lock in a multi-family unit. So for those who are in the area please reach out if you have any advice or want to connect. I would love to build some relationships before I move hundreds of miles to this new location.

Thank you for your time!

This sounds like a great event relevant to exactly what I would like to do. I am not able to attend this event but would love the opportunity to discuss this event as well as other Richmond investing topics with someone in the area. Please reach out to see if we can help one another build. Thanks!

Hello Anthony,

I would like to start by saying kudos to you for starting early. I am also in your shoes as well except from the perspective of a college student with a little more time spent researching.

For funding your deals, it will be quite challenging given how young you are and I am assuming no credit history from your post and age. So as a recommendation from newbie to newbie, I would say that majority if not all of your money will generally be funded via private investors. The most foremost group of investors being your current network (friends, family, colleagues, mentors, etc...). You could extend this network by attending local REI (Real Estate Investment) events and meeting actual current investors in your area. You can look here on biggerpockets.com/events for events in your area and also meetup.com is another possibility. I think at your age and lack of credit history getting a hard money lender (such as a bank) would be pretty much impossible or at least, extremely difficult.

Addressing your credit card question, I also got my first credit card at 18. I was able to raise my credit score to the 700's (over some years) just by using it responsibly. Specifically by responsibly I mean using 10% of your credit limit every month and paying the bill off in full EVERY MONTH. I never carried a balance on my card month-to-month for the first couple of years. Also, I got my first card through the bank I had when I was 18. You can Google for credit card tips but also keeping track of your credit score is important as well. I have successfully used Credit Karma in the past to keep track of this since it only does soft pulls on your credit meaning they do not do full on credit reports and thus perform hard inquiries. There are several factors that have more weight to them when calculating a credit score, some of the top being like hard inquiries, paying on time, and account length in terms of time. Credit Karma shows all of this data. 

Once again I would like to disclaim I am a *newbie* as well but just wanted to give my two cents. Hopefully someone else can hop on this thread and maybe give more specifics that you may seek.

Hope it helps man and good luck.