Profile picture for ryani1978

Starting out in Real Estate Investing

I want to get started in investing and I'm not sure where to start. I do not have good credit. I have about $5000 I can put down on a house though. My plan was to start small, move-in to the house while rehabbing it. Any suggestions?
  • June 14 2012 - Knoxville
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Answers (3)

Best Answer

1st start working on building up your credit.
2nd find a realtor who works with investors.
3rd check our VA vendee financing. 0% if you are going to live in the home and 5% down if you are an investor.
4th find an investor who will teach you about your area or read about investing.
5th be wise and patient. The good homes go fast and don't pop up ever day.
6th Be willing to put in a lot of low offers, and make sure your Realtor is okay with it too.  

Best of luck!
  • June 14 2012
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Profile picture for Ofe Polack
First things first.  Find yourself a good Buyer Agent with experience with first time buyers (and investors).  Ask the agent to recommend at least two lenders.  Seek their assistance in improving your credit and follow their guidance to build up your credit.  When you are where you need to be, start searching for properties. You are on target in as far as starting small, that way you can learn the ropes, don't bite more than you can chew.  Hope all turns out well for you!!!
  • June 14 2012
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Sometimes it helps to start with a partner, especially when you lack capital and credit.  This is a great way to start, and build your experience too.

Also, download our free report on our website: "Building Wealth in Real Estate".

Good luck!

Marco Santarelli
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  • June 14 2012
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