NO MONEY AND BAD CREDIT.

General Real Estate Investing
1

What a better way to explain my situation.

I’m changing careers into real estate and i have nothing.

So how would i create something out of nothing???

I live here in California, San Diego in fact!

I’m a master researcher and did mortgages for a few months.

Drew

2

Remember that in life everything involves a process. It sounds like you are expecting something to dramtically to change in a flash. You should make a plan first and try and form a clear idea of what you want to achieve and where you want to go (1,3,6, 12 months from now). I would suggest that looking at yourself and finding out what neccessary skills you will need in order to achieve your goals then ask the people in the know - such as on these types of forums. Maybe you could also look at finding some property networking evenings that are held in your area and ask the experts.
Rgds,
Clint Gray.
http://www.mywealthgenerator.com/PMI/realestate.asp?id=clintg

3

Start working on your credit, there are ways to improve your credit pretty quickly depending on whats on there. I took my score from 650 to 770 in two months. Good credit makes things alot easier.

4

i’m in san deigo too. tough time to get into the market here.
days of easy money are over. time for real work.[which is why
i’m bailing to greener pastures!]

try sandwich leases.
http://snipurl.com/sandwichleases

5

Drew,

My suggestion would be to stop watching late night tv infomercials and start working nights (and days). If you have nothing, you need to start working to repair your credit and build up some cash. Although the late night TV gurus preach no-money and no-credit investing, it isn’t reality! Real estate investing is a business and requires all the same things as other businesses. To run a successful REI business, you need education (in REI), money, credit, a plan, and the willingness to do whatever it takes to succeed. That often means working 12 hour days, 6 days a week for a couple of years to get your business established. Whatever it takes!

Good Luck,

Mike

6

Hey,
Good post, propertymanager.

                 :)

Peace,
Richard

7

I think that if you

My suggestion would be to stop watching late night tv infomercials and start working nights (and days). If you have nothing, you need to start working to repair your credit and build up some cash. Although the late night TV gurus preach no-money and no-credit investing, it isn’t reality! Real estate investing is a business and requires all the same things as other businesses. To run a successful REI business, you need education (in REI), money, credit, a plan, and the willingness to do whatever it takes to succeed. That often means working 12 hour days, 6 days a week for a couple of years to get your business established. Whatever it takes

and then;

You should make a plan first and try and form a clear idea of what you want to achieve and where you want to go (1,3,6, 12 months from now). I would suggest that looking at yourself and finding out what neccessary skills you will need in order to achieve your goals then ask the people in the know - such as on these types of forums. Maybe you could also look at finding some property networking evenings that are held in your area and ask the experts.

Great replys property manager and clintg! :director:

8

well you don’t need money or credit to invest, but you do need a LOT of time and you need to
cultivate investors who can partner with you.

9

I’m new to this… but what about the idea of “birddogging” to get some income coming in while working on bringing your credit scores up? You’d have to study and work at this… but seems it would be worth it. Linda

10

depends on how much free time you have. if you have a lot then go for it!

11

You do not need credit or money to start… And you can make 10k easy your first month if you know what you are doing! Robb

12

Hi Robb,

Please tell me more!! Exactly, how can one invest (and make $10k in first month) with no money or good credit?

I keep reading and reading, learning alot about REI from this forum, but I am still ‘stuck’ in the same place…can someone just tell me what should be the very 1st thing to do, then the 2nd, 3rd, and so on? I am assuming, since i cannot get financing myself, the 1st thing to do would be to start building my investor’s list…is this correct?

Thank you, for ‘pushing’ me outta my seat!
~katherine

13

I would agree that you can BUY properties with no money or credit, however I don’t think you can have an REI business without money.

Deals come from marketing, marketing costs money. Simple as. When I first started, I tried EVERY free way to market and times were slow. Then I decided to invest some money into signs, fliers, letters, newspaper ads, etc…etc… BAM! I have done six deals so far this year (all of them since MAY)!

As far as I am concerned, credit is a moot point when it comes to real estate investing. Though it can’t hurt you none to have a great score. I suppose.

Just my two cents worth though.

Happy Investing,

Ryan