How can a person that really doesnt have credit start to buy and sell real estate. I am 18 years old but want to start my career early. I dont really have much credit but wouldnt mind starting small. How would I go about doing that?
Get added to your parent's mortgage if they are buying soon or going to refi. (just don't do it for that reason only) If not, open up a credit card (student card perhaps) and within 6 months open another one. At the 2 year mark of you having credit, you can buy. Until then, save up as much as you can. I became a homeowner at 18 with my mom and at 21 I bought a house by myself. It just takes discipline
If you have the money to start purchasing homes I would look into speaking with a lender to find out what is needed. You may need to get a hold of a bank that hold your money to start some credit going now, so you can establish your credit worthiness. Hope this helps
Start by attending community college classes and real estate investment seminars. Learn whatever you can, but don't buy into the no money down and other hype. It's not as easy as the sales people will tell you. There's nothing passive about investing. Be really careful before you take the plunge. To successfully make money in investment property, you need sufficient reserves for vacancy, repairs, improvements, insurance, etc. It will take years before the property appreciates in value. Please feel free to email me.
The first home you buy could be a personal home to live in. Get one that you need to fix up while you live there, or buy both sides of a duplex and live in one side. If you buy as an investor they will be much more worried about you lack of credit. In three to five years sell it if you can make a big profit and you will have established your credit and built up your cash reserves so that you can do what you want.
