I'm just starting out and I figure I need 50k to start the BRRR process. My credit score is in the low 600s. I just brought a duplex. Not know much anything at all I messed up and brought my duplex with no equity left on the property. Any information would be helpful. I have found a really good property for sale by owners. It's in really good structure condition in a decent neighborhood. Are there any companies that I would be approved for a 50k startup loan?
@Ashley Holden Do you have a separate business with consistent cash flow?
When looking for start up cost, its typically required to have an existing business with a good history, which would entice a lender to give you money against it.
My PERSONAL opinion is a little tough. Improve your credit 1st. It took me a year to do this, but it has certainly paid-off. You should always want to have the option to fall back on traditional financing. i hope this helps.
@Jimmy Warr yes this helps. Thank you!
@Ashley Holden think about it. The very first investment deal you bought your own words for it is "messed up". And now you are asking for another 50k for the next_______.
I think you need to take a step back and really figure out what you are doing and why you are messing up.
money people could be very unforgiving and a mess up with someone else's money can bring your real estate career to a quick end.