I have no money and poor credit. Is there really ways to get started in real estate investing with this situation. Also how do the tax sales in illinois and wisconsin work?
Check out real estate investment trusts and read articles on Yahoo Finance
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Read books by Robert Kiyosaki
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Check out real estate investment trusts and read articles on Yahoo Finance
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No money + poor credit = no chance.
You need two things:
(1) financing
(2a) a Realtor; or
(2b) very solid information about the market and real estate contracts
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I am a licensed Realtor
It might be a good idea to become a licensed real estate agent. Courses are taught at most local community colleges. You need a base before you invest. The real estate course, and experience will give you that base.
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Books by Robert Kiyosaki are a good place to start. You should also talk to a good lender about things you can do to improve your credit. With no money you will need a loan and with bad credit, that loan will cost you a lot more. Take a year to improve your credit, then go for it.
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Find an independent realtor around the area. Try to consult if they can help you…
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There are ways to get creative, but then reality kicks in. With no money, you are going to need to find a job that you can work a couple days a week and keep a roof over your head and food in your mouth. Now, if you become a stripper (insert sarcasm here) and can accomplish this, you will be able to find motivated sellers willing to do whatever it takes to get rid of thier house. In this case, you are to write up an "Assumable purchase contract" for a value not more than 70% of real value. Once you get a purchase contract, you farm it out to a potential buyer for a fee. For example…
You find a house with a worth of 200k, you offer 140k and they take it in an effort to dump the property and avoid forclosure. Now, you have a purchase contract with 60k built into the deal for a potential buyer. You then sell the rights to the purchase to a rich guy who has 160k in cash to buy the property. You just made 20k and the rich guy markets the property for a few months and ends up selling it at 190k. he made 30k and is happy to entertain the next deal you bring his way.
Good luck! in order to do this you are going to have to stay VERY persistent, but I will tell you it happens all the time becuase private money lenders will not go above 70% loan to value TRADITIONALLY. Obviously, there are no rules in life but for the most part this holds true.
PS, if you're in the state of CA, I will be happy to entertain any potential deals you come up with.
BTW… I hope you have very thick skin. I've seen everything when knocking on peoples doors that are in foreclosure. From the wife having no idea, to getting guns pulled on me. The law of averages comes into play though, and eventually you are going to get a responsive seller.
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I started out this way.
Unless you have fair credit to start with to buy your own home or unless someone gives you a lot of
money there is no way.
1st. you need to be able to get a mortgage
and for that you have to be able to qualify
at least for an FHA loan.
So honestly the important thing to do is work on improving your fico credit score. To start
at least 621 or above. Pay your bills on time.
That is the key to raising that score and or for
any lender to even look at you.
Believe me I've been there.
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The responses are good. If your credit is bad, check out http://www.creditcleaners.net listen to the audio files, almost all your questions regarding credit repair and debt negotiation will be answered.
Bad credit won’t go away by itself.
Best wishes to you.