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I would recommend getting credit repair if possible. Good credit is the key to everything in my opinion. Good credit will get you the loans, credit cards, and lines of credit.
If you find a deal that’s good enough, it’s possible to do something with $15k.
You could also partner with someone who has good credit!
1) in my 20s (I’m 31 now) I tried to do a few start ups and all failed and my credit took a hit with it. My score is in the high 500s as a result. I have about 40k in debt, is there any way I can start investing in property?
2) I have about 15k in cash saved up. How much would you say I need to save up before I even think of investing?
@Kelly Claiborne Ms Kelly, you seem to be using a lot if new vocabulary for a total noob like myself. If I am to educate myself in the nomenclature, what source would you suggest?
I’m a few years out of school and still saving money for my first investment!
I spent (what I think was) too much time at a job that didn’t compensate me fairly for my efforts. I’ve now moved on to a job that pays 50% more than my previous role and begun saving aggressively.
Although I’m not in the market to buy anything yet I’m determined to do enough research and networking so that when the day comes I’m prepared to make smart investments.
Hi Ryan! Most of us overthink, myself included. We make things so complicated because we are scared, scared of failing!
What if I told you that you are always on the brink of failure and success? What’s the difference between trying and not trying? You have a chance when you try!
@Kelly Claiborne Hi Kelly for me it seems more analysis paralysis and lack of mentorship. I have a little money saved, enough to get started and have done a good amount of research, just tend to over think things a bit, scared to actually make the jump.
Hi everyone! I'm new to the BP site but have been conducting research on REI for about a year now.
The only thing holding me back is money. Fortunately, tomorrow makes my second year at my company after graduating from university!! I earn a pretty good salary in NY and have been saving for a down payment towards my first property. My goal is to purchase my first property by next summer. I am open to connecting with others regardless of their experience with REI. I sincerely wish everyone nothing but the best!
Have you spoken to multiple lenders? It sounds strange that you wouldn’t be able to use the rent to qualify. Normally, it’s 75% of gross rents so the lender can account for vacancies!
Your income may be the issue and the loan officer may have been confused.I would advise you contact at least 3 lenders.
I’m looking at a multi family to do a house hack but I am currently living with parents and only making a little over a thousand a month in net income.
I can’t get pre-approved without using the future rent as income and I supposedly I can’t use the rent since I haven’t moved out.
