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I am in Dallas and new to this community. I am very excited about real estate investment but do not have to capital or credit to get started. Are there any suggestions of how I can get my feet wet overcoming these two issues? Any help is very much appreciated.


Mike Crump

Start with education…

Starting with no money and no credit is not a problem… that’s how I acquired most all of my portfolio…

If your doing it right… You shouldnt be using your money… for the business side…

Read all the articles here… and ask lots of questions… no matter how good or bad you think they are…

David Alexander

;D I’m geting started from scratch as well–i’m in the Plano area. Hopefully we’ll get some good use out of this site

I use hard money lenders but they are expensive. I just closed on a $30,000 house and it cost $10,000 in points, 4 months prepaid interest, inspection fees, legal fees, title fees. I felt raped when I got up from the table. I hope I feel better when I sell it. It is a lot of work and risk. Could have never done the deal any other way. I am in Chapter 13 and 7 and have no money to even make my current house payments. This house and a few others will help a lot if i can get them fixed and sold. I only needed $1350 of my own money and I borrowed that from a friend and business associate. It can be done with no momey or credit but most HML’s want experience doing rehabs. If you have done no construction I would suggest getting a partner or even a job working on rehabs until you get the experience to handle a major rehab and resell. You may get lucky ( working hard ) and find a deal that needs little work and can still turn a profit.

What’s up dallas

Like David said, education is the key! Join and REI Club in your area. Come to this site for an hour a day and read.

In terms of getting started with no money, I would start out ‘wholesaling’ deals to other investors in your area. You could then befriend them, watch how they rehab and sell their properties and eventually start retailing yourself.

Best Regards,
Jeff Adam