How can someone invest in real estate with poor credit, and no job?

man, i would love to be where your @, cause most places are not up yet, to answer your question, NO, do not wait, if you come across a great deal, then ASSIGN it, a good deal is a good deal no matter what market your in, YOUR HERO, SULLY.

Hello everyone! I'm a fist time investor and I live in San Diego, CA. I'm in the Navy. I just came back from a 8 month deployment in the Persian Gulf. I'm currently living in the barracks. But If I would like to move out in town, the Navy will give me $1400 per month in housing allowance on top of my base pay. I'm really interested in trying to live for free in a multi-unit residence. That way I could pocket some of my allowance to do more investing. Should I be looking at 1-4 units or go even higher with 5+ units? I also would like to structure these deals with no money down. I'm also interested in wholesaling deals. I had money after deployment but me ex girlfriend took it all. I bought a new car which was a bad idea. It was $30,000! I'm at my $5000 credit card limit. and I have other debts which put me around close to $50,000 in debt! So please if anyone is out there reading this who has done deals that I'm interested in, please..I'm all ears. HELP A SHIPMATE OUT! THANKS AND GOD BLESS!

P.S. I've read the book as well as ordered Dean's "Think a Little Different" course. I guess I just need advice on my first deal.

QM3 (AW) WILLIAMS
USS PRINCETON CG-59
[email protected]

Earnest, have you got Dean's book, Be a Real Estate Millionaire?

It really is the best way to start and to sort out where to start in your new real estate investing career. It will make it easier to decide on what kind of deals to take on now, and later.

I have not made deals yet but I know that the book is amazing in sorting out the best things to do in your personal circumstances. I do not have a penny to my name or any credit, but there are still ways around that.
There is a lot to consider before you start to make deals but it can happen really quickly if you take the time to read the information in the book. It is well worth it.

I know you will get a lot of help on this site from those who really are making great deals already. Let me tell you how proud I am of your dedication and efforts for your country, and how great it will be for you to really get into real estate investing.

are there any people in the palm springs, california that are using the program and interested in combining forces?

does the term re-assign mean to find a person with a certified real estate license?...does dean personally get involved with these purchases, since he has a lot of money?...when you find a real estate person and she/he pays a 'finders fee', can't that person say they are not interested and turn around and deal with the buyer theirself, saving a 'finder's fee'?...these are questions you need to be asking yourself...is that how dean makes a lot of money, off people who have no money and no credit?...if so, it doesn't sound ethical

Nancy, it is clear you are very new to the program and Real Estate Investing. I would like to encourage you to read through these forums and watch the videos available on the site. Also, ask questions after reading as much as you can. But, MOST IMPORTANT, please get and read a copy of Dean's book before making any assumptions about him or his program. It is very hard for a person to have a clear opinion of something they have not read or tried. If you are feeling skeptical, please PM me and I would be happy to talk with you in person.
Also, read some of the responses in this link.
http://deangraziosi.com/node/3670#comments
My comment is sincere and from the heart. I had never even heard of Dean Graziosi before I saw his infomercial a couple of months ago. His book and this site have literally changed my life, and I would be glad to talk with anyone about it.

So PLEASE don't be critical. Everyone here is trying to learn and we are all very supportive of each other. We would love to have you join us as a constructive member of the site and learn along with us.

Sincerely,

Rina

Thats creative !!! Does this truly work? Im gonna try it just to see but great advice. I didnt realize there were such investors out there. Seems like they would find it them self? Well hell im gonna go buy a paper! LOL Thanks for the great advice hope it works for me. Might come back and ask some questions so be prepared.

Believe me, Rina means what she says. Her and I do speak on the phone from time to time and we are on opposite sides of the country. She knows her stuff and if there is a question she does not know the answer to, she will point you in the right direction, or one of the other top people who are making life changes from Dean's program will give you the answers.

There are many very supportive and knowledgeable people here to help. I learn so much from them every day.

Hello you can work on you credit and you can buy a house on a VA loan the don't look at your credit score. You can us a VA loan even when you are singel you can find out what the limit is on the VA is and still use technics as described in Dean's book and the VA finences 100% when you are out of the debt you can refi the house get in to a difrent loan and you can use the VA loan again you can use the VA loan over and over again but you have to pay it firts that means you can refi the VA loan in to a diffrent loan each time. Hope that helps for you to start. If you have any question abaut the VA loans just ask. That is the only thing I am good at at these time.

Hello everyone, Gosh! Just reading everyone's post I have learned so much. I didn't know about LLC and how important it is and the many ways to get financing with poor credit and no money to spare. I too felt "lost" at first but I keep listening to the CD's, reading the books and coming here to the "social network". It is great. I am working on my first offer. It is a bit scary but I am willing to step out of my comfort zone. No matter what happens in this deal it will be a great experience for me. Thank you all for your input in the real estate world.

Tried to send a message to your e-mail address and it didn't work???

Thanks Nina, Sully, And Debbie Jo,
Like Nina and Debbie I am at present a homemaker and looking for employment. My husband is earning the majority of the household income, I have unemployment coming in, but that will end in about three weeks, I also have poor credit. I cannot get my husband involved until he is able to see an actual check, as he is a total negative and thinks this is all a HUGE scam as well. I've been motivated in the past to go into Real Estate but found myself just dropping the subject and finding another job. I refuse to allow this to happen again, I have STOPPED actively seeking a (9-5) to make someone else rich and decided NOW is MY TIME!! Well, I just got Dean's book about 6 days ago and I am glad to say I have already collected information on 15-20 properties and I am already up to Step 7 in the "Dean List" (only 2 more to go). I feel like I am well on my way to being a great success. THANKS FOR THE MOTIVATION!!!!

Hello everyone:) I just received the Deans Book, I have read the first 2 chapters only. I know I want to get going on this but just like the other people i'm in the same boat. Broke behind on bills, etc. you get the picture. I have tried other programs too, similar to this one also. Do I have to go through trying to figure out loan to value/ltv and present value etc.. you on my own and everything like that. The finders fee is interesting though and probably would go with that first I guess.

Sincerely Yours,

Kenny

Wow, I'm glad to see so many DG enthusiasts here. Finish the whole book, ask quetions and just go do it! It's not rocket science... If you get stumped you can always ask the nice folks here and get more responses than you know what to do with. We're very blessed to have such a dynamic group of people that are more than willing to offer their advice.
TO MUCH SUCCESS EVERYONE!
Elena ;D

This has to be one of the greatest resources i've seen! The information shared here, people are paying big bucks for! Dean, and all of you in this community are the angels of the industry. I am listening to dean's audio version of the book and can't wait to see how this catapults me into my new found career as a REI!

I'm in my second real deal (1st being an assignment and netted 7,500), the second i am in the middle of I bought no money down (using a parnter's credit and resources) for 113,000, took a second for 35K to rehab, now refiing it with an increased appraised value for 200K finishing the project and pocket some cash. However, need to sell it and to move it quickly will do so below market (ARV being 260K) for 250K, all with not so much as a dime out of my pocket! The trick now being to SELL, SELL, SELL! Can anyone help with marketing ideas?

Hey Sully,
What are these companies that buy houses? Are they considered hard money lender or investors? I thought I would call a few to see if they have a "finders" fee. What exactly would I ask them? I am still trying to understand my "options" to get started. I am a bit discouraged at this point. **** HELP **** (credit not good at this time,,,, I am working to clean it up but it takes time ) :0(

Good for you, already in the game, that's awesome! There are several ways to market it, put a sign out front, place ads on craigslist and backpage.com, they're FREE, my favorite word! Also, consider one of the smaller papers like the dandydime, pennysaver, shopper etc, those are cheaper than the local newspaper. Youtube and myspace are growing more popular for virtual tours, also FREE. Go to an REI club and advertise it there too. That's a few for starters, let us know how you do!

Hi Sunshine!
'We buy guys' are investors just like us, however they probably could refer you to hard money lenders too, since they're in the business. They might pay for bird-dogs (finders fee), call and ask them the investor questions so you can build up your database of investors! I thought I saw one posted here in another post
Remember, don't get discouraged! You're not alone... The superstars are here to help!!

the people that buy houses, are investors, NOT hard money lenders, all they do is lend investors money, you need to ask them if they pay a FINDERS FEE, or if they are interested in buying property off of you for WHOLESALE PRICES!, YOUR HERO, SULLY.

Hey,

Thank you for taking out the time to share your thoughts, insights and great information. Will look to put this information to action once we get the 2nd in place and have some more financial leverage to get some other stuff going too...

Awesome! To our success!

Mike

Thanks to all of you and your knowledge. I am just getting started myself. I haven't done anything except open the box my book came in. I am going to start reading today and hopefully have sink in as much as I can as I move along. It is nice to know others are out there like me.

Many, many out there like you. We are fighting for a better life and less stress...lol
Enjoy the book.

badodson923, it is lovely to meet you and you seem to be really firing! You go get em!I am so far behind you and you started about 3 months behind me...
I will have to get my act together and get at least my first deal done so I will have the confidence to move ahead.
My husband is the same as yours. It is a really hard up-hill battle at times but nice to know I am not the only one in that boat!
I am the black sheep of the REI family...... lol

hey guys you know what, i found a duplex for sale and tried to match it with an investor. I failed to ask the investor how much was his finder's fee, and come to find out he offered me only $200. Does that sound good? someone please give me some advice.

you know what im sorry, i went and read the rest of this forum and found my answer. 2%-3%. thanks anyways guys.

debbiejo wrote:

badodson923, it is lovely to meet you and you seem to be really firing! You go get em!I am so far behind you and you started about 3 months behind me...
I will have to get my act together and get at least my first deal done so I will have the confidence to move ahead.
My husband is the same as yours. It is a really hard up-hill battle at times but nice to know I am not the only one in that boat!
I am the black sheep of the REI family...... lol

Hey, Deb!!

YOU are an REI / DG sister! And a pretty awesome one at that!
Never forget it!!

Rina

Good job on the research! The more you learn, the more you can share.
Thanks for not just "waiting" for an answer.

Rina

(I think I speak for Anita, too.)

i see lots of posts from people whose spouses say this is a scam...i don't get that. do they think that people don't really actually make money in real estate? next to prostitution... it's the oldest way around to make money! dean's book just shows people how in different market places. kids: don't let your spouse's ignorance get in the way of your success.

I gotta tell ya, there are many ignorant people out there... When I worked for a Realtor/Mortgage company a few years back they all told me the same thing!! But I proved them wrong.

I think it's amazing how many people keep commenting on this subject. This forum has taken on a life of it's own.... LOL!

I have read Deans book and have contacted an investor. He told me that he does pay a finders fee (starting at $1000). I called him 2 days later and asked him about what he was looking for (location and either single, double, condo, etc). I never heard back from him. From what I am reading, it sounds like I should have set up a meeting with him to sign papers or a contract with him for me to find houses for him (Right)??? My husband is also a naysayer and my credit is CRAP at this point. I am working on getting it better, but it is slow. I have been scared to even think about doing something for fear of losing everything. I don't own a house at this point, but very optimistic at working this program. I will be scouring the newspapers tomorrow to find the ads and try to find another investor. Thanks for all the words of wisdom, they are very helpful.

Chris in PA

Welcome! Don't stop at one investor, call a lot of them. You want to build a database of many investors so you can flip your property to the first offer, so it makes sense to have back ups, lots of them. You don't need to meet them personally, just get their contact info and what criteria they're looking for in their investments. What side of town, what price range, etc.
If you need any help, we're all here to help you!