I want to expand my portfolio to include rental real estate. I've read a few books and bought Carlton Sheet's course, but I'm looking for advice from someone who can provide me with answers in layman's terms. I have bad credit and no cash. Should I try and proceed anyway or keep reading? Also looking for a mentor who would take me under his wing so-to-speak. Any advice would be greatly appreciated.
2006-12-18 05:01:26 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
if you have bad credit and no cash, no one is going to give you a loan, you should work on cleaning up your credit and saving up some money. when your credit score gets to be 580 or higher lots of lenders will give you 100% financing on a loan, however you still need money to pay the closing costs which you can not finance....so until you get those two big issues cleaned up, just buy a few good books about real estate investing and start learning.
2006-12-18 05:06:24 · answer #1 · answered by besthusbandever 4 · 0⤊ 0⤋
before each and everything you may get your authentic resources license. guidelines variety from state to state, yet in OH you're required to take 4 instructions, authentic resources regulation, authentic resources prepare, appraisal, and finance. Then after passing the instructions, get an employer {Century21} as an example to sponcer you so that you'll take the state try. in case you bypass the state try then you actually're an agent! keep in mind that being an agent , in maximum states signifies that you're self-employed. you'd be accountable on your own taxes and insurance. you'd be required to replace your coaching each and every twelve months. The comission made on a sale is split between the agent who listed the abode and the agent who bought the abode, plus the broking service receives their percentage. that is a very reduce-throat employer. it truly is continuously both dinner party or famine. sturdy success
2016-11-27 02:16:34 · answer #2 · answered by ? 4 · 0⤊ 0⤋
With bad credit and no cash I would say it will be a challenge. Given the above what portfolio expansion are you referring.
2006-12-18 05:12:44 · answer #3 · answered by PoorInvestor 1 · 1⤊ 0⤋
This is not the best time.Rate moving ,and over bild. has causced a glut in the make. The area of the usa with the fastest gains ,is central fl. but this to has slowed.The make may not rebound for four or five years.
2006-12-18 05:06:33 · answer #4 · answered by Tom W 1 · 0⤊ 1⤋
Buy some real estate.
2006-12-18 05:03:19 · answer #5 · answered by loon_mallet_wielder 5 · 0⤊ 1⤋
This is a great site for beginners and intermediates:
http://www.dealmakerscafe.com/forum/
2006-12-18 05:12:57 · answer #6 · answered by braennvin2 5 · 0⤊ 1⤋