Who can fund my deal

Question

If you wanted to start investing doing a brrr but your credit is not good how would find a lender.

Vijay Friedman · Answer

@Cameron PorterA lot depends on how low your credit is and what the overall deal looks like. Some business-purpose rehab lenders place more emphasis on the property's value, rehab plan, liquidity, and investing experience than a conventional lender would. If you're planning a BRRRR, it's also worth thinking about your refinance strategy before you buy so you know what your exit will look like.

David Krulac · Answer

@Cameron Porter Besides people who know and love you, then next best place is the seller to hold financing.  A friend of mine was staying at a motel, where the owner lived next door.  He was staying at the motel long term and struck up a friendship with the owner.  The propety was not for sale, but my friend asking if the owner ever thought of selling.  They ended up doing the deal and when it came to settlement, the seller financed part, but there were also 2 previous owners that had mortgages on the property that also allowed my friend to take over those mrtgages, so he ended up with 3 different mortgages from 3 different previous owners.

Avrom W. Smith · Answer

Let's talk. It depends on the numbers. We're asset-based; so as long as it's a great deal and the numbers work, we'll consider funding it. For the 1st deal, we require you to have some skin in the game. (Ex. If you pay for the Rehab or half of it on that first deal, we'll fund the Acquisition. If things go well on the first deal and make us whole, then on subsequent deals, we'll fund both the acquisition and the rehab. Shoot me a DM, and we can discuss further. Cheers!

Jules Aton · Answer

If you are an agent maybe explore deals with owner financing for a brief term? If not, this takes time and discipline but I would save as much as I could while re-establishing good credit. The creative deals for someone with poor credit are often in undesirable areas. If you have a decent down payment and are doing owner occupied your terms will be favorable and you can buy in class A or B which will put you head and shoulders above a purcase in C or D in my opinion.