Are you Financially Ready to Invest?
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I almost never got started in Real Estate Investing.
Just a few short years ago, I was in debt, had a horrible credit score, but was great at dodging collectors calls! 😅 After I lost my business in Spain, I moved back to the States in a dire financial situation. And my way to fix that?
I refused to accept the poor state of my finances and tried to just live life ignoring bills. And I actually thought I could get away with it! Until my now husband entered the picture. It's amazing how a relationship can change you. He was ready to take our relationship to the next level- marriage, a house, 2.5 kids, that whole American Dream,
But, my finances were a mess! No one was going to give me a loan!
So I had to face my fears and accept responsibility for my situation. I asked for help and started improving my financial literacy. I was working with a Financial Advisor, Frank, increased my income to get out of debt, and got myself to a place where I was able to buy that first Duplex!
And the rest is history!
If you are in the same place that I was in, I'm here to tell you I know its hard. I was so embarrassed to tell people what a bad spot I was in. But there is hope. If I could make changes, so can you.
Regardless of where you are financially, there is always room for improvement!
Here are 3 Basic Strategies that you can employ today:
1. Get that Credit Score up.
I know, I know. It can seem like such an arbitrary number. Understanding what goes into your credit score can sound as hard as solving a Rubik's Cube, but when it comes down to it, right now, it is a standard that lenders are going to look at. And every point really does matter. When you have a higher score, you have the opportunity for more favorable terms. This can LITERALLY save you thousands of dollars over time! Listen in to a recent episode on the Lady Landlords Podcast here for tips on improving your credit.
2. Get that Debt Down.
Many investors struggle to get started due to the debt they might be facing. How can you think of buying a property when the current bills are piling up? If this is you, now is the time to get some help. If you are like me, you need to open that envelope that you have been throwing out every month. You need to reset that password you long ago forgot to your online banking account to really take stock of where you stand. It might seem like ripping a band-aid off, but you will be soo much better off in the end for doing so. Then, you can start planning your strategy to move forward. Listen here for budget tips!
3. Create a Electronic Documents Folder.
One of the reason lenders love me is because I have my financial records in order, at all times now. I keep electronic copies of everything! So whatever a lender needs, I can get it to them real quick. It also will keep you finances in front of you so you don't end up hiding behind that stack of mail again. Remember that your Real Estate Portfolio is your business so keeping records and knowing what categories you are in the Red for versus the Black is important!
By getting the basics in order, you are now ready to grow your investments!