where do i start? - Posted by DM

Posted by DM on March 11, 1999 at 19:52:03:

Thank-you for your advice I have a lot to learn it appears! but i sure do appreciate it again thank-you :slight_smile:

where do i start? - Posted by DM

Posted by DM on March 10, 1999 at 14:33:07:

Hello, I’ve read a bunch of the messages on the board and all sound like sound advice. However i’m still unsure where to start. I’ve been wanting to get into real estate for a long time now, i’ve seen sheets infomercial a hundred times and i want some of that! I’m credit impaired (but is improving) also had bankruptcy in “92”. any advice will be greatly appreciated. Thanks

Pull your credit report - Posted by raelynn mitchell

Posted by raelynn mitchell on March 11, 1999 at 11:23:47:

I say this because, along with all the other excellent advice, it is best 2 get a “real-world” picture of your credit. Yes, you may have filed bankrupcy in 92. How is your payment history since? If the answer is, paid on time all the time, since the BK is many years behind you, you’re not in all that bad a shape.

I also say “pull the report” because you may have paid on time all the time since the BK, only to have some creditor report it wrong, or someone else’s stuff in your report. Now, while getting educated, would be a good time to dispute all that stuff in writing to the credit bureaus.

However, credit is not a barrior to real estate investing. It’s just another part, and if it’s lacking (or bad) it means you have to go at it different than someone with 5+ years of triple A credit. It does NOT mean you CAN’T do it. Having bad credit in some ways can be a blessing, because it forces you to be more creative. Any ole Joe can go buy property 10-20% down cash to new loan by qualifying, nothing creative there.

No matter how you finance your purchase, you need to have “a deal”. That means not paying retail. Or doing a lease option on a property that is NOT a bargain but provides for steady income over an extended period of time by making $$$ off the spread between what you pay the seller and what you charge the tenant/buyer. In essence you become a problem solver. Find someone with a problem, get them a workable solution, and you’ll have someone willing to sell to you (on YOUR terms, no matter what your credit is like in some cases).

Look for the reports by Jackie from Dallas. They tell how to earn cash (chunks of it) consistently by finding properties wholesale, tying them up, and selling them wholesale to investors looking for deals. Doesn’t require any kind of credit, just knowledge of your marketplace and knowing who the other buyers are in your market and what they want in their deals.

There’s a term used quite often in the stock market that applies here:

Past performance is not an indicator of future results. This also applies when talking about credit (and credit reports).

Good luck and good learning.

Re: where do i start? - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on March 10, 1999 at 21:23:20:


Congratulations! The good news is you’ve already started. You’ve taken the important step of searching out this fantastic site.

I recommend deciding which area of real estate you might want to concentrate on (ie: mobile homes, single families, multi-families, paper) and absorb as much information on that area as you can. Then, ask specific questions regarding your area of interest (ie: rehabs, lease-options, buy/hold, creating paper). Picking one area will help you get started quicker and keep your head from spinning.

Good luck!

Bill K. (AZ)

Re: where do i start? - Posted by johnman

Posted by johnman on March 10, 1999 at 17:08:47:

your question is a common one. Please read the how-to articles to get a feel of what you might want to explore. That is a good starting place.
Good luck,