During my journey as an entrepreneur/Investor, I’ve always heard about the old “no money/no credit” and you can buy a home! Boy do I have a story to tell. First I would like to take this time to thank all of the people I have met and shared knowledge and information with. This last year has been quite a journey. Now if anyone knows me, they know I tell it just like it is, no sugar coating. So I will answer the question directly. Is it possible to invest in a home and make money with no money out of your pocket and using no credit? Yes its possible. BUT it takes a lot of time, energy and effort.
In my community of real estate investors, we teach over 30 investment strategies and they do have more than one strategy that you can use with no money or credit. That’s how most of us start. Lets face it, unless your parents were educated financially, chances are we are all in the same boat. The most popular is wholesale property strategy. This is where you find someone who wants to sell their house, put in an offer, get it accepted, you then sell the contract for a small profit. A lot of people make lots of money with this strategy as well. The problem is, this is like a job. If you stop wholesaling, the money stops coming in right?
What I’ve learned about credit is that, not only does it make investing easier, it makes life easier when you have good credit. You feel better about yourself overall, get better deals on interest, banks throw you money, the opposite sex even looks at you in a different light when they find out you are in good standing with credit! When you don’t have credit, it’s like you tell yourself you’re a bad person, Nobody wants to lend you a dime, they throw on more fees, interest rates are higher. It feels like you pay more by having bad credit than if you had good.
I recently went to a credit repair workshop with Eric Counts owner of CreditNerds. Who has been in the credit repair field for over 10 years. He explained that credit is like your weight. Its just a reflection of your daily actions as your weight is a reflection of your daily diet. In the workshop I learned that there is no real credit score. They have weighted scores based off what you are running it for. For example, if you are going for a mortgage, they will have a mortgage weighted score. If you go for a car note, they will have a car not weighted score. He also went on to explain the difference between a FICO 98 and FICO 08 score. The scoring changed after the economic downturn in 08. How many of you knew that? The next thing he covered was identity theft. He said how are the credit reporting bureaus selling identity theft insurance. That’s like in the recent smash movie “wolf of wall street” when the kid was running around breaking business glass talking about his father has a window business. Did you know the #1 cause of identity theft is file merge? So that means that they are selling you identity theft to protect you from their mistakes, taking accountability off of them and on to you.
Nobody is perfect so its not expected to not go into hardships, or have situations occur where you experienced an increased amount of financial responsibility and the cash flow wasn’t there. Eric then went on to share some very useful information to keep in the back of your head. Like since he has been repairing credit, he has never seen a bankruptcy filed correctly, there is a specific process to getting this removed. This goes for student loans and any other types of credit. If you want more information on his services, I strongly recommend that you at least give it a look, you can CLICK HERE to check out his website. He also provides a Free Definitive guide to your scores. According to the website, 79% of all credit reports have errors on them. So would it be worth your time to go get that checked out? Eric also went into how to dispute these errors the proper way. Now being that if you are reading this, chances you weren’t at the workshop, good news! Eric and his team will gladly do all of this for you!!! There are no upfront fees (Which I found out that its illegal to charge upfront in the credit repair industry). This company can help you repair your personal credit and if you are an entrepreneur like myself, they can help and advise you on how to get up to $50,000 in business credit in 6 months.
With knowledge of how your credit works and how to take control of your score, the world is at your oyster. Let me ask you a question. Can you use cash to get credit or can you use credit to get cash? You can use cash to pay bills which will eventually help with your credit score but keeping a good score will give you access to way more. Its wise to start smart but, if life hits and you have to repair, good news, there are companies like credit nerds out there. There is so much that I have learned in 12 months being in my network. If you are interested in learning more about what we do, and how we do it. Check out our next event happening near you! CLICK HERE TO REGISTER FOR THE NEXT EVENT! Or fill out the form below and someone will be in contact with you.
Elite Homes NYC 