Frustrated Newbie Investor
I am really eager to start investing. My credit score is 540 and I have $200k in equity in my home (possibly more). I attend regular REI club meetings and they keep speaking about credit and credit cards. I would like to start with rental property (triplex or duplex with positive cash flow). I no longer have credit cards because of my past failed business . What would be your advice for me to start without using my home as collateral? I am willing to do so, but I am a single parent making about 35k/year. All advice is greatly appreciated. 
I would start working on improving your credit, and credit score. This is a process that will take time, and definitely involves your being able to get credit. It sounds like maybe one of the problems you have is mabe not enough positive trade lines. so maybe you do need to try to get a couple of credit cards.
Even with your credit you can still qualify for some mortgage loans, like a non-conforming mortgage.
You can still do some of the things talked about on this site like referring deals to other investors, and profiting from that.
But with cash in your hand, you may have more options, and ability to take advantage of opportunities that come along. I don't think you can get a Home equity line, because yuor score normally would ahve to be in teh 620 to 640 range. So, maybe yuomight want to reconsider and do a refinance and get enough cash out to get your business started. You just have be careful and make sure you use the money wisely.
The investment game is a risky, but potentially profitable, and you actually have an advantage that many people on this site do not have-- You have access to some capital to start with. You just have to trust in yourself and take the leap.
just a thought![ Edited by mortgageman on Date 09/14/2003 ]
Thank you for your reply. I have decided that too much time has passed and I have done nothing about my credit. I am on it Monday morning. I eat, breathe and sleep real estate investing and if the only thing standing in the way of my and my daughters financial independence is my credit then I am on my way. Again, thank you.
Best of luck on your endeavors! It so good to see people wanting to better themselves and their situation. Keep up the good work!
There is always Lease Options and Sub2
Another thing to consider is family and friends. If you can get some loans from them and pay them back at a percentage you can do 100% financing.
You should of course have an attorney to write it up. If you caan get 100% financing and still maintain a possitive cashflow you have you first investment.