First I would say start doing what it takes to clean your credit, I did… and don’t regret it. It will help you down the road, then I’d start going to the investment meetings, get to know the people build trust, there are always landlords wanting to sell something for many reasons, if they know you and trust you they may sell on land contract, also you can work sometimes with small local banks that hold the loans in-house, and talk with them they may eventually make small loans to you… and allow you to prove yourself.
Would I just be wasting my time joining a local RE investing club if I have bad credit?? I’m trying to " think out of the box" here, but not sure if I’m being realistic.
Can I use some creative methods to purchase real estate and attack my debt from that ( potential profit) angle, or do I need to address the debt in order to be able to get into RE investing?? I know there are those who say that you don’t even need to have/use credit to purchase RE, but many others say you do.
I want badly to get into the game, but I’m unsure how to approach it. I’m also very leery of " mentors" and " gurus", even though I know some are legit and and very successful. Let me re-phrase that…I’m leery of the scam artists, and wonder if there’s a way to know who’s legit and honest, and who’s just out to rip people off. Any suggestions?
Good mentors are worth their weight in gold IMO. Mine has taught others that are now mentors themselves. I picked him because he was willing to meet me in advance of any arrangement. He’s branching out nationally but is still the only guy that answers the phone. i.e. you don’t get a $7/hr telemarketer reading a script.
Every job I’ve ever had required some knowledge and on the job training (read mentor). Do you want Lance Armstrong to teach you to ride or the janitor at the local school? Which will get you to the goal faster? You’ll make more money faster with a mentor than any other way.
Re: Should I join a RE investing club? - Posted by Lucas Hoppel
Posted by Lucas Hoppel on March 22, 2006 at 13:31:11:
I would join if I were you; especially if you are newer to the game. It’s good to get in the enviroment and you will be other people who are in your situation and you guys can work together to solve you situation.
Also you don’t need credit to invest. You can use credit partners if you can find the deals but your going to need to have a solid deal and a solid plan to go that route.
If you don’t want to spend the money, go to a meeting and pay the cover charge and meet with the president or the owner and see if he needs any help, setting up for the meeting, or any administrative stuff. In exchange he gives you free admission.
The worst he can do is say no.
Good Luck,
Luke