Ok so i am 22 i make about 45-50k a year… i live with family and pay 0 rent :slight_smile: I have about $200 in bills and a 580 credit score. I am looking to start real estate investing, and find a place i can live in and still generate some cash flow i.e. a duplex. At this point i have about 7k towards closing costs that it.

I live in a hot real estate market so alot of the preforclosure and other “creative” options are almost elimated. So my question is how do i shop around for a loan? What do i need? what should i ask about? Also most inportant how do i prevent every loan officer i speak to from pulling my credit report?

Thank you for the help everyone.

The duplex idea is a good one, get some land lording experience, but still qualify as an owner occupant. The 580 fico score will cause you some issues. You’ll want to interview several local mortgage brokers, as most banks won’t touch a 580 fico. Find a local mortgage broker who understands rentals, preferablly one who is a land lord him/herself, and has access to FHA. You might qualify for FHA if your credit has been clean for at least a year. Be prepared to pay for a credit report up front and then get a copy. This shouldnt cost you more than $15-$18. With this you can shop around as well as address any issues that earned you the 580 fico. When you decide on a broker to use, they may have to pull your credit, Good luck with your investing.

Thank you for the advice, I am also wondering what fees and prepayment fees, and other options out there? I opted out on my credit reporting as i filed a disbute on 2 negitive items on my credit report in order to hopefully boost my credit score.

Any other advice on what to look for would be greatly apperciated.


mortgageboss gave good advice.