I have no money, no job(i’m a 22 year old college student), my credit is at 617 and working on getting bogus medical collection removed, and I am currently not attending school this semester because I’m not sure I want to get myself in big debt for the future. Any suggestions of what I should do or is it impossible with my financial situation to flip properties. I’d like to birddog, but i would prefer to have more control.
your current financial status has nothing to do with investing.
Just use your creativity for funding your deals. If you want to
build up some confidence starting off you can bird-dogging, but
if its just the financial part holding you back there is plenty of
OPM(other people’s money) out there. Get an investor who would
invest in what you are planning to do. Market your business.
If you are worried about not having money, I think its a good idea to
spend more time learning more about how you can finance your deals
without your money or credit. I hope this helps even a bit, Im still learning
myself. well take care now.
- Sean
start by believing that you can do it …
you are not as bad off as you think
in the meantime protect your credit score and save as much as you can…
oh yea if you want your credit score to increase, you can
simply apply for a couple of credit cards, once you recieve it just
cut one, use the other one once and pay it off then cut that one as well.
Just for having them for a while your credit will increase.
Actually a tip from equifax. They told me the new thing building up now and what seems to work is having 2 cards… Use them for general use, but use them for certain months. So card 1(month 1) card 2(month2) card1(month 1) being paid in full of course will build your credit. And i have collections from having kidney failure when i was young, and that’s whats screwing me over, but its okay i got a transplant from a friend. But Equifax told me though, that a paid collection vs unpaid wont do anything to help your fico, being removed will.
But as for motivation goes, I have alot, just affraid to approach investors or anyone in real estate, as I have before and one guy told me he only gets involved with professionals…he directed me to something that I had to pay for, which was courses he tought over the phone. I thought this was dumb. So anyways I feel a little bit intimidated by the older folks. I know I shouldn’t be, but let’s face it, we’re all money hungry, and some just don’t want to waste time on being a Master jedi(lol)
I just returned from the big OREIA 4-day conference in Columbus, Ohio. It is one of the biggest REI conferenced in the country and had investors from 39 states.
One of the things that I noticed is that there seems to be less emphasis from the speakers on the “anyone can do REI” nonsense. I wonder if they have realized that they were losing credibility with this strategy? In fact, in response to student questions about obtaining private lending, many of the speakers asked students what they brought to the table. If you have no money, bad credit, no job, and no real estate investing experience - exactly what can you contribute to a partnership?
So, in answer to your question - YES, you can buy real estate with no money, bad credit, no job, and no experience. However, making a profit will be extremely difficult and you will almost certainly fail. I know that is not very comforting, but it IS the truth!
Mike
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