All Forum Posts by: Mitchell Abel

@Andrew Postell

I just saw this! That's great news, I'll look into the FHA guidelines for investors in my situation!

Thanks!

Ahh, I hadn't even considered doing a local credit union. Have you tried those to any success? 

I'm assuming since they're local they'd be more willing to listen to my situation. 

Hi,

I just graduated college and am looking to buy my first investment property, probably a single family, as soon as possible. I have a well-paying job lined up that I start in early June. I'm very interested in either an FHA 203(b) or 203(k) loan. Fortunately, I've never had to take out student loans or apply for a credit card in the past; unfortunately, this leaves me in the position of having zero credit whatsoever, it's not bad, it's just that I don't have any at all.

Is it possible to get any type of FHA loan without credit? I'm wondering if there's some way I can prove employment and the ability to pay the loan off with my salary.

Thanks in advanced!

@Samuel Watts Welcome to the forum! I'm also going to school in Lexington and interested in breaking into the industry. Hope to see you at some of the REIA meetings.

@Major Robertson just saw your reply. That's very interesting, seems pretty low risk. I will definitely look into secured credit cards. I'm going to be spending a lot of time on the introductory forums, I believe. Thanks for all the help

@Jack Butala Thanks for the welcome. I noticed you're from Scottsdale, my family actually has a few ties out there so I'm out about that way a few times a year. Beautiful area, man.

@Major Robertson What is the difference between a secured and unsecured credit card? Secured has something backing it? Also, I've been reading a lot about wholesaling and think it might be a good place to start? Obviously, as with anything, it would take a lot of work. Where would you suggest starting?

@Brandon Stevens That's where I initially started, but have been having little to no success. I guess it's kind of counterintuitive to only apply for the listed internships, as those would probably have the most competition. 

@James Wilcox Thanks for the reply. I'm going to start looking for a mentor. As far as building my credit goes, what would you suggest doing? Perhaps getting a credit card?

@Brandon Stevens I've been looking for listed internships but it seems like most have understandably already been taken for the summer. I've never thought of looking for commercial lenders, though! Thanks!

Hello, Everyone!

I'm Mitchell Abel, currently a Junior at the University of Kentucky. I live between school in Lexington and my hometown of Louisville. I've been surrounded by the construction industry my entire life and, by extension, the commercial real estate industry. I'm very interested in getting involved in commercial real estate brokerage and eventually development.

Being relatively young I was curious as to any advice some of you all might have for getting involved in the industry? I've considered applying for internships all over the place to no avail. I plan on continuing the application process but I also might try getting my license over the summer and attempt entrance through that route. Any tips or pointers would be very much appreciated.

Looking forward to hearing back from everyone and contributing to this wonderful community!