(btw I am terrible at spelling and punctuation) hey my name is Simon and I am 18 years old, I'm interested in getting into the real estate business . I watched one of the Beards videos about side hustles and found wholesaling and work for equity, haven't gotten a deal yet but I'm close! My goal is to own several diverse rental properties. My question, to get financing for a property would I have to wait till I have more income? or do I need more credit to take out a loan from a private lender, bank, etc.? Also is now a good time to get into rental properties?
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I recommend people get licensed. In many states, accepting a fee for real estate services requires a license. To me, it is always a good time to get started. For financing questions as a lender.
Private lenders, hard money, transactional funding lenders usually don’t care about your credit score as much as they do the deal. If they do ask for a credit report, it’s to look over your credit history to verify your credit worthiness. Also, the interest will be steep, but still a good way to get funding fast.
I would personally not be buying at this moment since it is a sellers market. I been holding off on buying since the prices are so high. I rather wait it out a while longer to get a better deal. I know we cannot time the market, BUT me personally, will take that risk and wait. For now, I am saving up more capital to give a bigger down payment to drop monthly payment. If you buy at a higher prices, your ROI will be lower. I have 3 properties in California. 1 in Norcal and 2 in Socal.
@American.Champion, It is great you are starting early in life. Time will be your best asset. Make a strong effort in educating yourself in real estate, never stop learning. Also become disciplined in the art of savings. Having 'skin' in the game with your hard cash goes a long way to build credibility which will allow more opportunities to be presented. Be great at analyzing deals quickly and as accurate as you can - whether it be a single/multi, a house hack or flipped home. Keep in mind each has its pros and cons and each will come with it's challenges and rewards. Focus on one and go all in, then re-focus on your second and third purchases. These can be different from your your first purchase of course.
I really loved it here but are there any recent updates? Thanks life coaching columbia sc
If they do ask for a credit report, it’s to look over your credit history to verify your credit worthiness. Drywall Installation Services