Last year I was up to my neck in debt from medical bills so they started garnishing my check for 25% after taxes. On top of that childsupport was also being deducted from check. Long story short i filed for chapter 7 bankruptcy. I've always wanted to get into the real estate business, but i was not aware once you file bankruptcy you can't apply for a home for 2yrs. I didn't give up and did a little more research for another option so i started my own L.L.C. Im sorry i know i said long story short like a whole paragraph ago. Any suggestions on funding based on my situation in the western ky southern Indiana area?
Hello Dante, I am new to Biggerpockets so I hope that this reply is received in good will. I recommend seeking alternative forms of financing. A grant may be hard to swing in your name, but should be fine on the LLC. You may want to look into credit card financing, that is sometimes the only viable option for an individual who can't secure a conventional loan. Best of luck, and it's good to hear that your financial situation is improving.
Thank you very much for the positive any suggestions on which credit card will work for my business seeing is that im brand new
@Dante Foreman that is definitely a tough situation that will make things much for more difficult with REI. Having good credit and getting your financial house in order should be the first steps before worrying about buying properties IMO. Those items could come back to haunt you especially if you needed to exit the property. Why did you set up an LLC?
Jim from the minute i filed bankruptcy I have been rebuilding my credit or as you put it "getting my financial house in order" I started an L.L.C. as an alternative to my personal credit, and to also establish myself as an serious contender in the real estate market.
Start by wholesaling. Do not need funds and you can make chunk checks.
Thank you Andy for useful information thats actually going to help me. I appreciate it alot
I know what you are trying to accomplish by starting the LLC, the problem is it is difficult to get approved without using your personal credit as a cosigner. The research I have done says it takes about 2 years from biz start date to have decent biz credit I a sense. Then even though you have a biz it has to produce income to show it can repay any loan or cc. So I would advise work on re establishing you person credit while establshing a verifiable income for the biz. I dont think there will be a quick fix.
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