Bad Credit
I am someone who has personally seen the power of real estate investing up close and have read many books on no money down, foreclosures, flipping etc. i would love to get started and am sure i would be very successful except i have only two obstacles, bad credit, and no cash. :-? what would be the first step to take for me to get started immediately!
.Common theme - bad credit, no cash, no experience ...want to be a millionaire tomorrow. I don’t know your situation and certainly don’t want to scare you off. However, and someone correct me if I wrong, the first step should be to get a stable job, save some money, pay you bills, fix your credit and start researching REI. This should be done before you jump in head first.
I do REI part time and have used very little of my own cash. My family and I live off my “job” income nicely. I basically do it as a hobby and love it. My recommendation is to fix the other problems I mentioned above and then get started. Additionally, cash won’t solve the root problem.
If they are legal adults, you had better have a reason other than their age if you ask for someone to guarantee the lease. You are discriiminating against them because of their age and many areas have fair housing regulations against age discrimination.
Brenda
If it was me I would do the rental. Just do a standard rental contract and make sure they fill it out completely. Remember we were all young once.