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

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

I am anxious to invest in real estate. I have a small monthly check coming in from a structured settlement, and a small chunk of cash. My credit is poor, altho it shouldn't be and all the steps I took to correct it in the past year have had no effect on my score. I also have no job. I am a homemaker, seeking employment. I need a job, so I can work for 2 years, and hopefully be able to get a loan in time. What would you do? Or, is there something I don't know about?

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Thank you for the

Thank you for the legalzoom.com reference. This is very helpful!!


Great comments from everyone.

First I have to agree with sully, if you read the whole book and study any course materials you do have it will give you direction. I understand everyones excitement, but you need to understand the basics so you don't get yourself into a bad deal. Yes, there are a lot of bad deals. Without the education you can get into them very easily. You can have all the LLCs you want, they are not going to save you from making uneducated decisions.
Second, you can do many different owner financed deals with no credit or money. I have done many of them. It also sounds like you need to write your goals. This will help you in putting together a plan of action. People on this site will help you, but need the basic information first.
Good luck!


great idea

Sully thank you, that's a great idea. I currently have my home on the market as of yesterday. Ha Ha wish me luck with the market these days. Anyway sully are duplexes and triplexes more expensive then a single family home? I am asking that question because of my fixed income. I am currently in a 3 year balloon and want out. My broker wants me to keep renewing my 3 yr balloon but only for his benefit. My mortgage is 1,395.00 but only 79.00 is going to the principal. I guess he wants me to keep renewing the 3 yr balloon because he is making a killing off me. Please let me know your thoughts Sully. Thanks so very much. When or if my home sells, I get my equity back of 53,000. I hope i can finally achieve great results. I thought of renting my home out but decided to sell. Like i said let me know what you think. Thanks again, Cindy.

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cindy REI


wait a minute

The amount your principal drops every month really doesn't have much to do with a 3 year balloon. It is simple amortization. In fact the reason your banker wants you to extend your 3 year arm is probably because you will at least lock your rate in again for 3 years. Plus a 3 year arm typically has less closing costs than a 30 year fixed rate. Don't believe everything you see in the media, there is a time and place for 3 year arm mortgages it all comes down to the plan you have. If you plan on keeping a property for ever than put in a 30 year fixed rate. If you are going to flip a property than use a 3 year ARM. You will pay less in closing costs.

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You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


CINDY'S WORLD

Cindy, sorry it took so long to anwser your question, but i was having some technical difficulties with my computer @ work. To answer your question on weather TRIPLEXES, AND DUPLEXES are more money, it really depends on a lot of factors, but generally YES, they are more money, because they NET more income potential than SINGLE FAMILY HOMES. In terms of the other situation with selling your house with the 3 year balloon, listen to CBR'S POST, he pretty much just broke it down for you. YOUR HERO,SULLY.

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YOUR HERO, SULLY


foreclosed property

I Have Friend house That Is Going Onto Pre-foreclosed
it was offer to me. to take over it.
I dont have the knowledged to save it or sale it. as u stated in the first obove statement. that's good idea. I always wanted to learned how to find Foreclosure homes and make a profit from it. that is awsome!!!! the Only Problem Is how would i found the proper documents,to start.
I brought dean program a 1yr ago but i never used it. fiancial sitituation was in the way.
thank you.
willing and wanted to learn about real estate

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Bernadette


Get the details

Bernadette,
For any of us to help you we need to know the details of this pre-foreclosure. First you really need to open the materials and start to study them. Second continue to study them and bring us the details so we can see if you really have a deal. Then we can find the best way to structure it to meet you goals. Your first deal may be closer then you realize.

You go girl!!!!!


Finders Fee

Hi,

I am new and i love the way you help people. When you said when you call the investor and ask what kind of properties they are looking for, and you ask if they pay a fnders fee. How do you go by finding a seller?

Thank you,

Shonda


Thanks

Thanks,
cann't wait to get started.
One question, I was called by someone offering mentorship at a low, low price of $10,000...
What is that all about? If I had $10,000 to start with I would us it on a house.
Has anyone used that service?
Just asking.


Earnest Money

Is it really necessary to offer an Earnest Money Check When you could offer a written agreement of intent to buy?


Earnest Money

Earnest money shows the buyer you are serious about the offer. Typical amounts are $500.00 to $1000.00 on most deals.


No Money Down Etc...

The only reason I asked about the Earnest Money is that now I am scratching my head on what happended to "No Money Down"?????? Is there not another way to ensure the seller you are serious and ready to move on it?


Varies

Every situation varies. There are opportunities that can be had with no money down, they can just sometimes be harder to come by. In this game, the more resources you have the more opportunities you have. The less resources, the less opportunities, hence more leg work. Every situation is different and you have to create different strategies and expectations according to your situation and the deal you are working towards.


No money down

No money down many times means no down payment. Most of the time you need $100 to bind the agreement legally. Just about everyone in the U.S. can get their hands on $100 within a week. For example, anyone on this site is probably on this site from their home computer which costs between $500-$2000. Now you were able to buy a computer, so getting the same amount of money for a deposit is the same way. I run into people that are broke on a daily basis. Most of the time they don't have more than $40 on them at anyone time but, the eat out every night, have a laptop computer, a big screen TV, a new car and on and on. Cut your expenses. Sell anything that you can't pay off within 2 years. Don't buy things on credit that depreciate. Do those few things and all of a sudden you have an extra $500-$1000 per month to INVEST!

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You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Finders Fee

Hi,

I found a person that is selling his house. He did say he does pay for a finders fee (he calls it referral pay. You mention that to introduce to an investor, how do you find the investor? Please reply back.

Thank you,

Shonda


flip

Yes I am going to flip my current home and keep going. I have a contract on my home as of today, I stand to make 65,100.00. Cindy.

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cindy REI


FAST START.....a little hurdle.....OFF RUNNING AGAIN

Hi Everyone
I bought the course about 2 1/2 weeks ago and I have already started running with it. I have a duplex REO I just put an offer in on at $99,000 that has a value of around $200,000 after I but in new barrier wall and lay patio cement. I already have investor that is interested. It has a CASH FLOW of $2100.00 per month.

I found an FSOB where the owner owes $60,000 and comps are $150,000 - $175,000 on same street. They will hold 20% of note and accept $150K. I am doing it with no real estate agent and working directly with escrow company. Its great!

I have a few more deals in the works as well and I just wanted to say that even without a coach I am doing good just by following the course and using the book. I know I sound ****ed this morning but after I sat and thought about it - what better way to learn than to DO!

DID I MENTION I DID ALL OF THIS WITH.....you guess it!....

NO............MONY..........DOWN.......

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Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


No Money Down

While I appreciate your enthusiasm every one is from many walks of life and I am upon retirement of a company of 21 years. I am savvy in being resourceful but again, in my situation money is so tight . I would not feel comfortable discussing that part of my situation but as far as eating out........never......spending money on myself or my husband........never. We have cut back as far as we can possibly cut back. Please try to see the side of the coin that not everyone has your opportunities but it may take me longer to get mine when is comes to cash. Again, I genuinely appreciate your advice when talking about "NO Money Down" but in my world that is exactly what I am concentrating on right now. It may be more challenging for me but I would sure like some advice from the other side of the spectrum. It may be your experience you have not been where I am but I can honestly tell you I am quite anxious to turn my situaton around for me and my family. Thanks for all you do and your advice.

Jackie Smiling


Lease Option Attn Sully

Sully I seem to see a lot of Lease Options in my area and can you give me a scenario to take that step.

Jackie/Texas


reassign

Sully, What exactly does reassign mean? Thank you, Cindy.

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cindy REI


(No subject)

No Money Down

Jackie,
I know exactly what it is like to be in your situation. It is a feeling I try to remember everyday so that I remain grateful for what this business has given me. When I say no money down it can mean many things, lease options, assigning a contract, using other peoples money (OPM), using credit cards, etc... Please understand that there are a lot of people in this world that are financially illiterate. They use credit cards to buy things that don't help them to make money.
Your investment into Deans book and/or course shows that you are so far ahead of where most people are.

I try to reread the book as much as possible to make sure the techniques are sinking in. The Chapters you should read again are 6, 14, and 15. It is possible to do no money down deals I have done a number of them. When I first got into the business, I wanted to believe it, but my mind was having a hard time grasping the idea. The beauty of real estate is when you let your mind be creative it will come up with all sorts of answers.

Here is something you can try, from now on I want you to ask the question, "How can I _______?" If you stop using "I can't____.) , your world will change forever. Mine certainly did. I hope we are being of help and not more aggravation.
Keep studying and looking for deals and you will see it really does work.


Much Thanks!

I appreciate your direction and thanks for being easy on me. I am in the middle of the book and I will pay attention to those chapters. I do have to keep remembering that in any endeavor I must visualize I already have it is what I want. Thanks for bringing me back!!!

Jackie


Great Advice

Hey everyone,
thanks for all the great advice, I'm really excited and looking forward to finishing Dean's book, JButcher, just keep at it, I know something will turn around for you, I too have a few road block in my life as so many others have had, a road block is nothing more than something to either walk over or move out of your way. Keep at it, and don't quit.
TB


Complexes/Duplexes vs Single Family Units..............

Thank you, I will be forging forward and finishing the book first, then I will get my plan of execution prepped for how I can get my feet wet. There is a lot of good advice out there and I have no doubt I will get past the road blocks. Thank you for your support TB!!!!!!!!

For those of you have landed complexes, duplexes, what is the hardest part of the process with these structures opposed to single family houses??

Jackie Smiling


single family homes, duplexes, triplexes etc

My same question. Which is better? Probably the duplexes or triplexes,because you can live rent free in one and rent the other or others out. That is what i am considering now. Also you sit back and enjoy the freedom of living rent free, while all along you are gaining all profit and down the road keep the duplexes, continue to rent them out, then if you want to go into single family you can. The sky is the limit. This is my thoughts. Cindy.

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cindy REI


sarah's struggle

Hi my name is sarah im 26 years old with 2 kids one is 5 and the other one is 2. I live with my mother I have bad credit and no job and all i want to do is get into the real estate business. I also want a career making good money. I just want to know how do i go by investing in foreclosures with no job and bad credit.


no job poor credit

Hi Sarah, I would start by finding investors that pay a finders fee. I have read on deans website that people pay finders fees, but dont really know how it works quite yet. Did you purchase deans book? Chapters 6, 14 and 15 are very knowledgeable.

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cindy REI


no job poor credit

Hey Sarah, also do you have anyone that would lend you 5,000 if you were to sign a promissory note? Just a suggestion.

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cindy REI


GLAD you worte this Nina!!

Helped me alot tell ya y later...


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