No money bad credit - flipping & how to prepare

2 Replies

Hello BP, hoping to get some advice / input from experienced fix and flippers on where I need to be in order to begin a flipping business.

Situation: Terrible credit, living check to check, running our own handyman business but currently only earn enough to pay bills with little to nothing left over (new business). I have a 2 year old, a fiance, and another baby on the way. Our business is our only source of income. 

I have been thinking about closing my business and taking a regular 9-5 to work on my credit issues and save as much money as possible. I do not enjoy working for others in the traditional sense but will do it if it is my quickest road to starting in REI.

I have been doing a lot of reading and listening to podcast and it appears that there are many who begin with little or no money which gives me hope but it is unclear what their financial situations were when they started.

My background: Construction Trades, office management, Project coordination for large scale construction. 

Her background: administrative positions and Associate degree in interior design

What is your opinion on us getting started given our current financial and credit situations? Would a hard money lender work with us? 

Your thoughts?

Hi Daniel, terrible credit won't be your biggest obstacle as most hard money or private money lenders look at the deal more so than the individuals personal credit in my experience. You will need to have some skin in the game as far as down payments some lenders will fund from 65% all the way to 100% after you have proven you know what you are doing. On top of that you will have to cover all of the rehab costs.

The best corse of action in my opinion is to save up some money. If you find a good deal maybe you could do a JV with someone to help hit the ground running. I am in LV as well and looking for deals all the time. Feel free to DM or text me, my number should be in my profile. I would be glad to help in any way that I can.

Thanks for your input Richard, I appreciate you making yourself available. I will most definitely keep you in mind should i come across any deals that look promising.

Your contact information is not in your profile.

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