BRRR method with 35-40k and 550 credit score

11 Replies

@Joe Franklin

Definitely work on your credit. You can improve it quickly. A lot of investors have used credit nerds. I don't think I'm allowed to post the website. They are out of Arkansas. Keep building your cash while your building your credit. Within a year you might be ready. You need to be able to refi with the BRRRR strategy or find a partner.

Originally posted by @Joe Franklin :

Okay but is it possible with a 560?

Joe, anything is possible. However, having a low credit score is a red flag to lenders. Look at things from their perspective. Sure, there might be a lender out there that will charge higher interest or require a higher down payment. I agree with all the recommendations above- that you should focus on fixing your credit score first. Continue to learn as much as possible during that time.

I would definitely focus heavily on getting your credit score up, that is going to hurt you in getting loans. Maybe talk to a bank to see what they would need or a credit counselor. An LLC won't help although a partner with really good credit probably would.