Street Cop Millionaires Real Estate E-Course Lesson 1 of 12 by:Jason Simpson
Hey guys and gals, and thanks again for signing up for the free mini-course! I sure
hope that you will gain as much out of it as I'm putting into it!
First of all let's not waste any time! Credit! This is a huge thing in the Real Estate business, and the great thing is that it doesn't matter if you've got it or not! You can successfully invest in Real Estate if you have absolutely NO CREDIT whatsoever! I didn't have great credit when I started investing, and when I really started the ball rolling, I had gone Bankrupt! Wow! So, if you've not yet gone Bankrupt, then you're one step ahead of where I was!
So, your first step will be to find out EXACTLY where you are! You do this by obtaining a credit report. You can go to
http://www.FreeCreditReport.com to get a copy of this, or you can go wherever you want. Some of you probably already have this.
You definitely want to make sure everything that's on the report is true, if it's not, then you need to go about disputing it to get it corrected.
In reviewing it, if you've got a bunch of recent late payments, or judgments, then you need to concentrate on getting those squared away by making sure to make your payments on time, as well as making sure to get the judgments paid off. If money is tight, then you will at first be concentrating on Wholesaling properties as opposed to the Buy & Hold portion of the business. Wholesaling will enable you to gain chunks of cash in a short amount of time.
Now, if you've got decent credit, you want to see about upping your credit lines a bit. Now, in doing this, you need to understand that if you are able to open them up, you DON'T want to waste it on trips, clothes, food, or other junk....because then you'll put yourself in a horrid situation! So make sure that you use this ONLY for your Real Estate Investing, otherwise, you'll end up in a worse position then you are in now.
There are a couple of options that I recommend in doing this. In MY opinion, the best will be to get a Line of Credit on your house, if you've got equity available in your home. The reason for opening up the lines of credit is that it's much easier to buy homes if you have quick access to cash. You will then be able to buy a house with that cash, and hopefully buy it free and clear, and then take the "free and clear" home to the bank, refinance it, and pay off your credit line. Then you just do it over and over again. Sure, it gets more detailed then that, but the important part is to get an idea of why you need a Line of Credit!
If you don't have equity in your home, then don't worry, there are many different ways to buy homes, and I'll cover those, but by far, one of the easiest ways to do it is if you've got an open line of credit. On the other hand, if you don't have access to that, another thing you can do to start getting access to cash is to call your credit card companies, and request increases. Again, don't worry if this isn't possible for you, because I sure as heck didn't have a lot of these options after Bankruptcy, but I still made it work, and you can as well!! But if you ARE able to implement some of these procedures, that will help you immensely to get where you want to be much quicker than it took me to get there! Either way, you do want to start working on your credit!
So,here are some Action Steps to take to begin that process:
Review your report, and dispute errors
Begin Paying Everything ON TIME, don't Cancel Accounts, but Pay Stuff Off
Attempt to Open a Line of Credit on your home, if you've got the ability
If you don't have that ability, contact your credit card companies, and request to increase the limits....lots of times they can do it while you're on the phone.
Obtain a current copy of your credit report by going to FreeCreditReport.com or somewhere else
And BEGIN RIGHT NOW...TAKE IMMEDIATE ACTION TOWARD YOUR GOALS!!!
Till next time,
Jason B. Simpson
http://www.StreetCopMillionaire.comP.S. I've just released a phenomenal E-Book that totally covers wholesaling properties and it's receiving rave reviews! In my opinion, wholesaling is the BEST way for a brand new person to get started investing in Real Estate with the least amount of risk, with limited cash and no credit! I You can get it at a discounted price for a limited time at
http://www.StreetCopMillionaire.com/ebook.htmAbout the author
Street Cop Turned Real Estate Investor, Coach, Mentor, and Trainer who loves doing deals, and helping others to do deals as well! Get more from
http://www.StreetCopMillionaire.com
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