I took a few minutes to read around, and now I’m looking for some guidance.
A little background; I’m 21, I have some rough spots on my credit but nothing that can’t be fixed, and I’m ready to get somewhere.
I don’t have a ton of money, but geting close to spring I’ll be ready to make my investment and plant my foot into the market. So for now, I’m a sponge, here to absorb all your knowledge.
Logically, I think my first step is to SAVE SAVE SAVE my money and to fix my credit. I got the Carlton sheets program, but I must admit, I was a little let down by it. Seemed too much like a get rich quick scheme and gaurding my finances is something I think I need to do, especially at the age where a screw up can haunt me for the rest of my life.
So here’s my real question; aside from fixing the credit issues, saving money, where do I need to begin?
A lot of new investors start off by finding deals for other investors in one form or another, either birddoggy or wholesale or as a student. Some have earned and learned and gone on to bigger and better deals. Some give up and can not find the deals or too afraid to try or some other reason they give up. It is hard to get started especially if you are unemployed. I have started and lost it all several times. I just recently started again. I am doing some rehabs and trying to resell them. This is probably the hardest way to start unless you can find property that needs a modest amount of work. It does help to have a construction background to do major rehabs.
Fixing the credit is good but do not sit around waiting for it to happen and not be doing deals. There are many ways to get into REI without even using credit. I just bought 3 properties and I am currently in Chapter 7 and Chapter 13 and getting ready to get kicked out of the 13 case for non payment to the trustee.
Go find a good deal to buy and resell or buy and hold for rental or lease option. Something, just do something but make it a good deal that will make you a profit.