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    6 Replies Latest reply on Sep 18, 2008 10:01 PM by jrundell

    How can i become a Real Estate investor?

    Big_dreamer Newbie
      I am trying to start a business in Real Estate i have poor credit but I have established a EIN for the business, is there a way I can purchase under the EIN. I have already opened a business account bank account.
        • Re: How can i become a Real Estate investor?
          DMIGUY Adventurer
          If this is a small time residential or even commercial venture, (emphasis on small), then you don't need a business name or business bank account, or a business for that matter to become a real estate investor. You need chutzpah!
            • Re: How can i become a Real Estate investor?
              Big_dreamer Newbie
              DMIGUY, it's not that I dont have self confidence. Let me explain my situation. I already own 2 investment properties under my own name (not my newly Business). Both of those properties are in pre-forclosure (various reasons). I am working with the loss mitigation dept (with my lender) to work something out. What I am noticing is that my mortgage is now higher than the rent I receive - because the interest went up. So the best option I think I have is to short sale on the properties. When real estate is somthing I enjoy, I cannot get myself out of the bind. What I need is a fresh start, I guess what I need to know is that possible to do under a business account?
                • Re: How can i become a Real Estate investor?
                  DMIGUY Adventurer

                  Big Dreamer, Bridge is very adept at giving straight on information, subtle or not, and this time is no exception.

                  For whatever reasons your previous investments went afoul, and we're not judging you, they won't just vanish. Unless you have a connection in the witness protection program, you're not going to be able to hide from them. And as Bridge noted, between your credit and the marketplace's current state, your in a tough situation. But don't give up.

                  Now is actually a better time than most to get into the real estate business ..... if you have cash. And the deals are only getting better and better, commercial and residential. By the way, which are you interested in? If you don't have cash, and I'm going to go out on a limb and assume you don't, then you'll likely need to look for partners who will supply the backing while you supply the know-how and effort.

                  Sorry I couldn't be more helpful. Best of Luck
              • Re: How can i become a Real Estate investor?
                LUCKIEST Guide
                How to become a Real Estate investor (in N J??), Welcome

                Two suggestions, One. Develop both a Business and Marketing Plan.

                Two. Visit SCORE. SCORE is FREE

                Having an EIN number helps.

                Good luck, LUCKIEST
                • Re: How can i become a Real Estate investor?
                  Bridge Navigator

                  Not to be the one who delivers bad news but, a new business will not have credit separate from its owners. As a side note, now might not be the best time to get into highly leveraged real estate transactions. Lenders will require more documentation and as your previous history illustrates, highly leveraged deals can go belly up quickly.

                  What do you plan to do differently the third time around that you did not do the first two times when you lost money? Make sure you ave a new/better game plan in place.
                  • Re: How can i become a Real Estate investor?
                    jrundell Wayfarer
                    Many investors are turning to the internet with HUGE SUCCESS! www.infinitestreamstoweatlh.com