investing advice needed [Archive] - Real Estate Insider Forum
 
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GarryST
12-10-2006, 12:36 PM
Ok I am pretty young right now at 18 years old. I have about $4,100 and a credit score of about 800 which
is just perfect. I was thinking since I do have such a high credit score but not much money is there
anything that i could do to just get into the field of real estate investing? If theres more then one
which one would you say is best and why? I really want to get into this real estate investing field asap.
any info would be appreciated. Thanks!

David
12-10-2006, 03:11 PM
Wow 18 years old with an 800 credit score...I don't believe that's possible...but what do I know?

You didn't mention if you had a job and could afford monthly payments on an investment property. With $4,100 I suggest you save it and when you have more cash think about investing.

Of course you could try getting 100% financing (there are some banks that will loan to you at 100% on an investment property) and a seller's consession on the closing costs so there is no money out of pocket for closing and you might even be able to get a couple of dollars back. With only $4,100 I would suggest you get a low priced property (under $100,000) because if you don't get tenants for a while or don't flip it fast, you'll be stuck making the mortgage payments.