newbie in need of help with 1st deal

hello thanks rei creators and members. im a newbie looking to invest in alabama area.i have a 550 fico and little means of avail cash. the property list at 19,500.whats the best way to obtain the propety.thanx again rei and members :confused :confused

What’s your “exit strategy”? Meaning why you want to purchase it and what are you going to do with it…knowing those answers will help guide you to the “hows”.

REI is right.

It makes a difference for if you want to wholesale - rehab and flip - rehab and rent - buy and leaese option. All have different strategies and each need to be approached with different considerations.

Overall, the easiest would be to wholesale - assuming it is a good enough deal to wholesale. You contract the property - then find an investor to buy it off you - with you making a small profit for getting the transaction made. In that way your credit and lack of cash does not matter.

Im just gonna answer your question directly…since your fico is below average, I would say get a hard money lender and go at it that way, but what was stated above should be your first step: deciding your exit strategy.

You might have to shop around for an HML that will work with a score that low, some are starting to check credit. It is also more common now for them to require a down payment and reserves where in the past it was not required.

thank you all rei members for reply.the info is very useful.ive sense contated a hml he requires a 660 to rehab and flip.i was under assuption hml’s base loan off the still exit strategy would be to flip.if property doesnt sell in first 3 mos i would try to refi and hold to gain equity is that possible?? thank you rei and members