In this episode of the Alchemist Nation Real Estate Podcast, I talk to Dmitriy Dyachuck who before the podcast we were talking a little about credit and why is it so important to real estate investing and he told me that he does flips and he has been to real estate investing. Before we dived into credit, I wanted to know how he got into real estate in the first place. He says that it is a great question and his background is from the corporate world/corporate America and he went to college, got a college degree but while at college, what wasn’t introduced to him/taught to him was the business world and when he had an opportunity to be introduced to real estate where he met incredible and successful individuals. He fell in love with the business, with entrepreneurship but real estate is really his passion and he has been working there, growing, and educating himself about real estate for several years which has amazing to him.
To listen to Dmitriy Dyachuck’s Alchemist Nation Real Estate Podcast on Anchor: 116 – Alchemist Nation Real Estate Podcast with Dmitriy Dyachuck on Credit & Real Estate Investing
How Dmitriy’s First Real Estate Deal Looked Like
Before we jump into credit, I wanted what his first deal looked like. He says that it was actually a duplex that was converted into a single-family which was eventually converted back to a duplex though they had some challenges on the way, it took them about 6 months but they did get a nice paycheck. It was attractive though it took a while for them to find that deal.
The First Step To Get Your Credit Cleaned Up According to Dmitriy
I asked Dmitriy what is the first step he takes for someone looking to get their credit cleaned up. He says they actually utilize the system, they are few ways to get your credit established but there is a system, it is not everybody’s case has to have a new way of fixing that. They have a system of a company that has been doing it for 17 years and they have an ability to have their business sort of agency or franchise with them. That is what they have been utilizing which is super simple where they are able to get everybody’s credit on track whether they have credit or no credit at all, they have a system and solution to help those individuals.
The Duration To Get Back Your Credit Score to a 680 or 700
When people come to me, they don’t have credit but they are thinking of buying a house next year. My instinct is why don’t they just clean up credit now and buy a house in the next 3 – 6 months. Typically a person comes to you with this bad score for any reason or myriad of reasons, lets says their score is in the 480s or they’re in the 500s or the 540 mark. I wanted to know what is the typical timeline to get back to a 680 or 700 if they did everything. He says that most of the clients they work with if they do what they are supposed to do, follow the system, they will be loan ready within 3 – 6 months. It can take longer or even shorter where they have seen a couple of hundred points increase within 45 days. He can’t promise because everybody’s situation is different.
The One Free Credit Tip From Dmitriy
I asked Dmitriy to give one free tip for anyone who has no idea what their credit score is, where it is and what the bank requires and the first piece of advise he would give to a new investor to get back to the game. He says that first thing is knowledge and education, obtain your credit report, see what is on it, what is your credit, a lot of time people don’t know what their credit score. If you have negative items, talk to him, he will be of help and if you don’t have any credit, his next question would be, are you currently renting? Because they can use that and go back up to 24 months and report that as a positive trade mark, so a lot of times they see significant credit increase, just by giving somebody credit for what they’re paying every month which is one way to boost credit. There is another solution which is to open a secure credit card, maybe the utilization but it all starts with what is going on with your credit, do you have negative items? don’t you have any trade marks?
I asked Dmitriy what advice can he give to people who are scared and terrified of credit cards. He says the reason why people are scared of them is they don’t want to go out and spend the money and get themselves in trouble. It is not free, you’re using the bank’s money and the general reason we have the financial crisis in America including the student loans, including lack of wills and trust is lack of education. People need a little education about how to use a credit card and also some proper tools so as they don’t end up in trouble like the budgeting tool, savings goal tool, automatic payment tools, and reminder tools.
Dmitriy offers 3 pieces of advice to 20-year-old Dmitriy on how to start over faster to where he is right now.
1) – Introduce yourself to a financial agency.
2) – Introduce yourself to business and entrepreneurship.
3) – Set goals.
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To get in touch with Dmitriy call/text 413-316-53
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