Donald Hinton on Real Estate Investing

This is a picture of me in front of a building that I purchased five months after I was released from prison.

I purchased this building for $95,000. I had $9,500 after I got out of prison from working a job at UNICOR and running a store. I would sell honey buns and sodas to other inmates for a small profit. I worked for five years for UNICOR and saved all of my checks.

People don't believe that you can purchase real estate with no credit and no job history, but that's a lie. The only thing you have to have is education. Education is worth far more than money, because if you lose the money, you still have the education, and you can do it again.

The way I did this is I simply asked my landlord if he had a property that he wanted to sell and he sold me this one on contract. A contract is a binding agreement. We sign a contract that says that I will give a certain amount of money by a certain amount of time. In this case, the time was three years to come up with the other $85,000; so, over the three years, I built my credit up. I worked the job and got two years of tax returns, and then I went into a bank and got the mortgage refinanced. I already made the down payment, so I didn't need any more money. This is how you get into real estate, if you don't know how.

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