How do I put my good credit to use?

General Real Estate Investing
1

I seem to have a very good credit score at around 800 and would like to start investing in real estate but I don’t have much cash. I have around 10-15 grand in cash and I have a credit line with my credit cards for over 150 grand. How would you suggest that i put my cash and credit to use.

2

Save your money. with a credit score like that you have options and the best one is OPM.

Brent

3

Thanks, But I’m in NYC.

4

I am new to this forum :D. Does OPM stand for Other People Money?

5

Yeah, it does.

My question is, do i invest in something in the 4-500k assuming I can get 100% finance and I can cover my expenses and count on apreciation, or do I invest in a few cheaper houses for 100k and I don’t know about appreciation but at least I can have some cash flow.

6

having a selection is better than not having one. If yo buy one property for 500K or 3 @ 150k each the interest will be the same. But you always buy the highest ROI, if it meets your criteria for re-selling

That is my philosophy anyway.

Brent

7

I AGREE—SAVE YOUR MONEY. GET 100% FINANCING. YOU MAY NEED YOUR CAPITAL IF SOMETHING GOES WRONG. THERE ARE PLACES FOR 100% NON-OWNER FINANCING WITH SCORES ABOVE 680. YOU WILL QUALIFY. GOOD LUCK WITH NY PURCHASES. USE OPM.

8

jakman,

WOW!.. alot of good credit and access to money. Heck even the SMALL amount of cash you say you have is WAY more than I have had yet in my checking account for more than a few days.

Now I just need to find guys like yourself willing to let me have access to about $10k-$20k @ 15% interest for 2-3 years and I will have a ton of mobile home deals under my belt.