How can someone invest in real estate with poor credit, and no job?

o.k. Nina, here's what you can do to get started, i am in a similar situation and this is what i'm doing,i have been looking in local newspapers and similar type papers that have real estate investors ads in them.When i find an ad i call the investor and ask what kind of properties they are looking for, after they tell me i ask if they pay a finders fee, if i introduce a seller of a property(foreclosed property)to the investor,if they say "yes" then i start looking for foreclosures,tax properties.What you want to do is find a great deal on one of the properties that i mensioned LOCK IT UP(meaning agree on a below market price with the seller) give the seller a deposit or ernest money like $100.00 and finally ASSIGN THE PROPERTY TO THE INVESTOR.ex
property is:$100,000 sell to investor for $115,000 profit=$15,000 make sure when you sign the purchase order with the seller you have an assignment clause in the contract.hope this can get you started, it's a lot of data, wheew.

Thanks for the info,
Like Nina I am at present a homemaker and although I have my husband earning an income, I have no credit or money of my own. I cannot get him involved in this as he is a total negative and thinks this is all a HUGE scam that will blow up in my face.
Ah, I am a total positive and will go ahead anyway.
But, like Nina, I will have to take Sully's advice and try to work for a finders fee for a while until I make enough to start buying my own properties.
Thanks to you both for broaching the subject and enlightening me. I am going to do my research now on how to actually do this!
D

i was reluctant 2 post this subject because i felt a lil foolish. i am certainlyy glad i did. it feels great 2 know that people have read and replied to it. ( not that i'm happy any1 would b in the same circumstance asi ) prove your hubby wrong, and get on board girl!!!!!!!

Hello, I just ordered the course a week ago and I just recieved the book yesterday. I was just thinking the same thing, I am a homemaker and just had a baby one month ago and my husband will not get into this with me because he to feels it a scam, so with that said I have on money of my own and my credit is also in poor standing even atfer I my the correction a few years ago. But thanks to your question Nina and to your answer sully, I am much more at ease because now I see there is a way around my sitution. I wish for your success in this and keep the questions and ideas coming no matter how silly you think they are because you may not be the only one feeling that way and that one silly question may help someone like me. Remember they are great big help to us all.

I wanted to know if there was anyone in the NY area using the course and if they had any advice.

Hi I want to know how do you go about getting an LLC and what can of protection it offers you.

I just purchased the book, Be A Real Estate Millionaire. Haven't gotten much read yet, however I've been searching the web and checking out Dean's information. Sounds good. Great idea, on no credit help, I too have not so good credit, no car and no money to start with, do you mean all the ads for "I purchase real estate for cash ads?" Are those the people you've been calling? I've been to meetings and researched several different avenues in hope of making money in Real Estate and all the no money down programs that I've looked into doesn't work. I still believe that there will be at least one program that will really give you the tools and information you need to get started. Keep up the good work Ladies.

TB

what is an LLC? thanx for the info, b/c obviouslyy i have never heard of this.

LLC is limited liabilty corperation (incorporate) form one for your adventures so you protect your personal assets. keep on keepin on

Hi Kisha,

I got my LLC by going online and using the services of Legalzoom. They are located at www.legalzoom.com. They will assist you with any questions you will have and they are inexpensive. I was very satified with the service.

do you know how long it may take to get the llc started?

i have recently completed BE A REAL ESTATE MILLIONAIRE. very good reading. i feel like a millionaire, even though i have deals behind me. i also have not so good credit and job. i am going to get the paper today to check out the ads.

wanda

Thanks for the info on what is an LLCand where I can get it. Once again sully you totally ROCK HARD!

im thanking these forum in advance,could leave without drop sum info-footnotes equal mentalnotes,i got new account and login last night 4 first time ill remain online alittle while long, nathaniel

Hi eager investors,
Another way to get started is buying property through Owner Financing. In this market there are several properties being financed through the owner and down payments can be negotiated to be paid throughout a 12 month period or 18 months etc. You immediately rent the proprerty for enough for you to profit and you are on your way!

I'M GLAD I COULD HELP YOU KISH.

Hi, that is a very good idea.I also was wondering if you had any ideas on something else. I own my home now and want to keep it, but also want to invest in another property to sell for a profit and keep turning properties. I just got deans book yesterday and have only read a few pages. I feel really lost. How long have you been doing this? Thank you for your input. Cindy.

I looked through ads with the heading you posted and they are looking for people who already own a house. Could you please let me know how to start the process of reassigning deals.

CINDY,Do not give up,what are you lost on?You need to tell me were your lost exactly for me to help you.you just got the book, give it a chance and keep reading.I got stuck too,I work 53-60 hours a week and i read dean's book in 1 month.It was hard, and by all means i am not bragging i want you to understand that anybody can do it,keep reading, ask questions,and post them on this web site and people like me will help you,it will all come together a little over half way through the book.Some parts you will need to read over and over to understand it.I started a note book full of key points and notes that helped me to reference different parts of real estate cycles and deals.
don't make excuses,and be true to your self,YOU WILL SUCCEED.YOUR HERO,SULLY.

I looked at ads lik this one on line. I think they are looking for houses that the people already own.

can you help me with the re-assign process

Did you tell the investors in the ad's you called on that you were an investor also,and that you were calling because you are in a position that if a property becomes available to you that you could wholesale the property to him(the investor) because right now you have "too much on you're plate" meaning you can't take on any more projects right now so you will call him or e-mail him when these deals become available.DO YOU GET THE IDEA? even if thats not true in your case it's a way to get the INVESTORS INFORMATION,SO YOU CAN HAVE MORE CONTACTS.I HAVE ANOTHER POST ON THIS SITE ON PRE-FORECLOSURES AND HOW TO LOCK THEM UP TOO.ENJOY.SULLY

Hi Sully,I guess i am lost when it comes to who to contact first. When you choose a property,how do you do it with no money down? I don't understand. How long have you been doing this? You are very knowledgeable i can see that.How did you start? Please help I want to be successful and definately don't want to give up when i am just starting. Thank you, Cindy.

Cindy listen, your not LOST, your just bombarded with information and you don't know where to start.The first thing you need to do is FINISH reading dean's book.I didn't attempt to do anything until i gained the knowledge, and the know how.I'm still learning too,I just started investing a couple of months ago.But, not until AFTER i read dean's book did it all start to make sense, and there's still stuff that i don't understand but, thats expected nobody became a real estate pro overnight.There are several options when it comes to NO MONEY DOWN in real estate, you must think outside the box.If your looking to purchase a property with NO MONEY DOWN, when negotiating with the seller ask for a SELLER'S CONCESSION: usually 2% used @ closing used to cover title ins, future taxes, attorneys fees,and your possible down money.(also a good way to get cash back @ closing.)Or you can do what i'm doing right now, which is looking for PRE-FORECLOSURES to RE-ASSIGN to other investors or buyers, which takes NO MONEY DOWN, OR GOOD CREDIT to do.I am also looking for properties to LEASE OPTION, again another great way to purchase real estate @ todays prices with,you gussed it NO MONEY DOWN, i would reccomend doing @ least a 2-3 year LEASE WITH THE RIGHT TO EXECUTE THE OPTION ON THE 2nd YEAR, by then you will have the DOWN MONEY needed from the RENT CREDIT that you recieved from your rent payments you have made.I would negotiate @ least 50% RENT CREDIT IN THE AGREEMENT.CLASS IS DISMISSED,SULLY.

Thank you sully. I really appreciate all of your help, you are very knowledgeable. Thank you so much. Any info you can give me is greatly appreciated.Cindy in west virginia.

Sully, Hi i don't mean to be a pain in the neck but when you do a lease option do you rent it out or how do you do this? Thank you sully. Cindy.

Preferably what you want to do is find a duplex,triplex,quadriplex,etc. and rent out the 2 or 3 apts and live in the other apt. for FREE.While the whole time your collecting rents and positive cashflow on the property while the property appreciates too.ALSO you can fix or rehabb the property while in the lease stage, you know before you exercise your option to buy.This way when you do exercise the option the work is already done.YOUR HERO,SULLY.

INVESTORS UNITE,SULLY.

The time it takes to form an LLC varies. It depends on your response to the representive working with you and your cooperation in completing necessary documents and of course timely payment. The steps are pretty simple. The process is painless.

My situation is similar to cindy i now have direction sully my question was the same as cindy Thank You very much

the world is yours and i'm just living in it.best of luck mr.brooks, i'm glad i could help you, YOUR HERO, SULLY.