Becoming a Real Estate Investor with no money and fair credit

Hey "Speak" This is my first post after signing up, I'm buyALhouses.com. To answer your question about no money down RE deals...the answer is YES! It is done all the time. It takes training and know-how though. Pay attention to your state laws. Its not the sort of thing that's taught in the local college. I suggest you find your local Real Estate Investor's club, and join. Find an honest hearted investor to train & work with. Perhaps ask some of the club officials to help you get this process going. You're asking that investor to take their time to teach you...you need to benefit that person by performing some "hands on" tasks relating to real estate. That way it's a win/win. Kind of like OJT. Here are some examples of areas that are starting places for the "noobie". Bird-dog (or deal finder) and wholesaler, which is basically the next step up from bird-dogging. The investor you work with will tell you what to do, and what to look for, then he/she can help you on the deals you find. Obviously it has to make $ for you both or it wont work. Be a veracious reader. The more angles about real estate that you learn, the more you'll be able to turn the "may-be" deals into a slam dunk, & you get paid! Of course, it's not just that you get paid. You need to be a solution provider - help people. Don't add to the statistic of investors who have no moral code. Hope this helps. Hey visit my website, you'll learn something. Have a great day! www.buyALhouses.com

I'm a mortgage loan officer and I can tell you that getting a mortgage is possible with average credit. However, for investment property you will be required to put at least 10% down as a down payment. The techniques these "gurus" preach about is using private loans from investors or the sellers to finance the 10% plus closing costs. This is a very risky technique and in most cases is bank fraud. If the bank finds out that there is another loan using the house as collateral, they will deny the loan. You really should have a reserve of funds before you jump into real estate investing. If you work on your credit, you could get a 100% loan. Even so, you'll want some money in case the furnace blows or you have an unexpected vacancy. I highly suggest you get into this great industry, just learn everything you can and prepare your finances before you jump in. Best of luck!