score:
• Payment history: 35% • Outstanding balances: 30% • Length of credit history: 15%
• Types of accounts: 10% • Credit inquiries: 10%
By knowing your credit score, you’ll have a clearer picture of your investment strategy. If your score is high enough, you might be able to get a traditional loan and help with down payments. If your score is lower than you’d like, take a look at the determining factors and see where you can improve — making on-time payments should clearly be a priority. You can also consider paying down balances as you’re able, and not opening up a bunch of new credit cards. As mentioned above, I suggest talking to a local mortgage lender and have them analyze your credit score. They may have easy and simple suggestions to help you boost your score quickly!!
BEWARE OF SCAMS
With so many people out there looking to make money in real estate, it’s pretty much expected that there will be people out there ready to take advantage. The two main types of scams to watch out for are seminar scams and lending scams. Seminar scams can give some truly helpful tips, but it’s always used as a way to gain people’s trust. Once they have grabbed your attention and have the trust, they’ll offer “limited-time” investment properties or expensive classes. When people fall for the trick and buy a property too quickly, they often find that it’s got a lot of issues and is quite likely a money pit. To make things even worse, people who get taken
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