All Forum Posts by: Account Closed

Hi all, My wife and I don't have the best credit and we're wondering how this will affect us when we go to purchase our first investment. We haven't missed any payments, been foreclosed on, or anything like that. The reason our credit is just fair is because we really haven't had much debt in our lives. We've never had credit cards, haven't bought a house yet, and we paid off the small amount of student loans that we had from school this past year. Also, we haven't been in our jobs that long but we make pretty good money between the two of us. The more I read about making our first property purchase, the more it seems credit is a really important factor. My question is should we start focusing on building our credit or are there ways to get started without a great credit score? Thanks in advance for the help!

Brandon L. Not very at this point in time. I've never bought a house before and still have a lot to learn. Would an agent be helpful in that regard even if the property isn't listed on the MLS?

Hi all, I had a question about finding a deal if you don't use the MLS. I don't have a license, so if I find a deal that's not listed on the MLS would I still need to use an agent to close the deal? Thanks in advance for the help!

James Gilpin Hey James. It's awesome to hear you're getting in the game. How are you finding your deals? If you keep getting beat out by investors then you may want to consider trying to find deals that aren't listed.

I just heard about the 3.5% FHA loan and it sounds pretty appealing. I'm kind of hesitant about low money down tactics though. Does anyone know of good resources that explain some of the pros and cons of an FHA loan vs conventional financing? Thank you!

Thanks everyone for your thoughts! You guys are awesome and have given us a lot to think about.

Mitch Stanley do you remember what some of the reasons were why he was suggesting you should invest before owning a personal residence?

Hi everyone. Right now my wife and I rent our personal residence and we're wondering if we should buy a personal residence or a rental first? We're thinking the smartest choice for us is to buy a personal residence first because buying something comparable to what we rent now would cut our housing expenses by close to 50%. There's probably a lot that we haven't considered though, so I'd love to hear your perspective. We're also considering house hacking, but probably not going to go that route due to personal preference.

I'm just getting started and I'm trying to get familiar with the different areas around me to get a better idea of what properties are worth, what rents are going for in various types of properties, etc. Right now I fee like I'm swimming in a ton of information. Does anybody have any advice on a good way to get familiar with an area or is this just a normal part of the process that I need to push through?

@Dustin Beam