All Forum Posts by: Thomas Ryan

@Thomas Ryan you can possibly open small lines of credit or credit cards with no credit history. I picture what you are describing as $100k in unsecured debt, which will be nearly impossible. You could loon into hard money lenders for flips, but will probably need 10's of thousands of dollars. I suggest you learn ad much as you can, save for a while, and then jump in when you are financially able

Thank you for the input I'm going to look into hard money lenders more. I did read about that type of lender recently, but just a few details on it. Within the next 2 years I will have at least 80-100k saved which I think should be more than enough for the type of property I'm looking to start with.

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Originally posted by @Jack Bobeck:

What collateral are you going to use to get the Line of Credit? I recommend you speak with a Credit Counselor. I have spent the day chatting with LOC offers and they are going to want 680-685 credit and equity in a property to provide a line of credit. You might be better off with a credit card buying and paying off to build a history, but you would do well to ask a credit counselor for advice.

That's a great idea I'm going to have to sit down and go over it with a counselor. Thanks for the idea.

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Thanks for the response. I plan on doing multiple flips while working full time as an apprentice. Than gradually move into buy and hold investments. As for my income my pay starts at $20 an hour and my pay rate goes up every 6 months and caps at $45.50 an hour. I don't plan on actually taking on loan out on a property until 2 years from now. I'm just trying to learn as much as I can now so I'm not kicking myself 2 years from now for not gaining knowledge on this part of investing. Anyway I have 0 credit history i was assuming you could open 3 lines as long as you have steady income. What exactly would you recommend?

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Hello, I am 19 and just started learning about real estate investing. I'm posting this hoping some experienced investors can give me input on lines of credit. Within the next 2 months I will be starting to work as an apprentice after my first month of working I plan to open 3 lines of credit. The first line for usage of Propertie loans, the second for rehab cost, and the third line for my everyday/weekly/monthly needs (non real estate related). I plan to build credit on all three credit lines over the next 2 years untill I qualify for a conventional loan. Could I please get some opinions, is this a good idea or bad idea?

Also i would be grateful if someone could link me to a book on this topic.

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All Forum Posts by: Thomas Ryan

Thomas Ryan has started 1 posts and replied 4 times.

Post: Young Newbie with a question about Lines of Credit.

Post: Young Newbie with a question about Lines of Credit.

Post: Young Newbie with a question about Lines of Credit.

Post: Young Newbie with a question about Lines of Credit.