When buying a property, "Cash is King" because no credit or proof of income is needed...just sufficient cash to pay for the property and the transaction fees such as escrow,title and property taxes. Contact a Realtor or Lender for additional guidance. In my experience it typically takes about 7-14 days to close an "All Cash" Real Estate transaction but around 14-20 days or more for a typical foreclosed property. If you finance a purchase, most lender's will require that you have a credit history and proof of income. There are some private lenders that base the amount of the loan and the interest rate strictly on the actual value of the property to be acquired. As to establishing credit, search online using the phrase "Secure Credit Card". With secure credit cards you are given a line of credit on which you can charge up to the amount which you have placed in the secure credit card account. Be sure to read the fine print concerning annual or monthly fees and pay off the balance in full every month to build your credit quickly.
Stephen Mercier, Realtor
Long Beach, CA