i have poor credit, but want to start buying homes to A: help rebuild my credit, and B, create income...how do i do this?

Asked by Donald, 45405 Tue Mar 5, 2013

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Donna Knauer’s answer
Donna Knauer, Agent, Dayton, OH
Tue Mar 5, 2013
Donald, I would make an appointment with a mortgage person that specializes in credit repair. They have more experience in that area than realtors. If you need the name of someone that can do that, let me know. 937-239-3066

Donna Knauer (aka Smiley)
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Voices Member, , Denver, CO
Mon Apr 22, 2013
Donald, do you have any cash reserves or would you need to obtain a loan to purchase your first couple of homes? I see many investors start buying VERY inexpensive homes, so that they can make some quick rental income. Then as they renovate them over time, they consider selling the houses once equity has been built. The proceeds from the sale can subsidize the next purchase to a better property and they "climb the ladder" that way. I have other clients who only purchase "cheap" houses and just live off of the rental income. You have to be ready to handle the overhead of rentals: taxes, insurance, maintenance, the midnight phone calls, etc. It isn't as glamorous as it sounds, but CAN make you a decent living, if you have a plan and try to stick to it. Good luck!
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