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Updated almost 9 years ago on . Most recent reply

Account Closed
  • Chicago, IL
0
Votes |
14
Posts

Getting financing for flip or hold without income? Co-sign?

Account Closed
  • Chicago, IL
Posted

I have perfect credit but no income. I have 20k or so. 

I know of some people who could maybe take me on a flip but wondering how that would work with financing. Could they use both our credit as co-signers and just their income? Any ideas for how to approach them? Also had idea to do this for a buy and hold?

A bit off topic but what would you suggest I do if I want to get into real estate investment/development. I would like to own several properties and have them rented out long term. Ideally I would have good income from a job to do this myself right now. I went to a no name school for undergrad doing a liberal arts major and could not even get interviews. All my money is from my two businesses I started (neither were scalable and one is barely profitable anymore). I am considering getting my real estate license. Can I get on a real estate team who provides leads or a CRE firm that gives a small base first year salary? I just don't want to be one of the 80% that fails I have 0 family or connections who would give me my first deals. I did a CRE internship at a brokerage. I could also keep looking for jobs.

I am now doing a MS program at a reputable school very part time (mainly for networking and they gave me a scholarship first 3 quarters). I have access to all the MS Real Estate students, venture capitalists, attorneys to look over business plans, etc.  But they don't invest in an idea you need to have done this a few times successfully. I can scale a development business huge if I get it figured out and started. 

Most Popular Reply

User Stats

15
Posts
4
Votes
Marqueen Robinson
  • Flipper/Rehabber
  • Chicago, IL
4
Votes |
15
Posts
Marqueen Robinson
  • Flipper/Rehabber
  • Chicago, IL
Replied

Hi Iwould say create a LLC and apply for business credit do the paperwork for the business first remember business credit YouTube it

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