How Can I Finance a BRRRR

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How Can I Finance a BRRRR

Anthony Sigala
Investor · AZ · Member since 2024 · 25 posts · 8 votes

Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

5 denials so far... Any ideas. 

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  • Andrew Zamboroski
    Lender · Member since 2021 · 495 posts · 130 votes
    1y
    Quote from @Anthony Sigala:

    Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

    5 denials so far... Any ideas. 

    Are you looking at institutional hard money? If so, it could help to find someone regionally or locally. These are often people in your local RE meetups! For example, on private deals in my market, trade lines are not my concern.
    0Reply
  • Zach Berry
    Lender · Pittsburgh, PA · Member since 2024 · 63 posts · 20 votes
    1y
    Quote from @Anthony Sigala:

    Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

    5 denials so far... Any ideas. 


    Anthony - hope all is well. Sounds like you've been through the ringer. My company, Easy Street Capital, is a national direct lender and I don't have any tradeline minimums for Fix/Flip and DSCR loans. Happy to help if you're still having trouble, feel free to give me a shout!

    0Reply
    • Anthony Sigala
      OP
      Investor · AZ · Member since 2024 · 25 posts · 8 votes
      1y
      Quote from @Zach Berry:
      Quote from @Anthony Sigala:

      Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

      5 denials so far... Any ideas. 


      Anthony - hope all is well. Sounds like you've been through the ringer. My company, Easy Street Capital, is a national direct lender and I don't have any tradeline minimums for Fix/Flip and DSCR loans. Happy to help if you're still having trouble, feel free to give me a shout!


       Easy Street Capital is one of my 5 denials based on tradeline minimums. I'm open to talk again, if you think we can make something happen.

      0Reply
    • Zach Berry
      Lender · Pittsburgh, PA · Member since 2024 · 63 posts · 20 votes
      1y
      Quote from @Anthony Sigala:
      Quote from @Zach Berry:
      Quote from @Anthony Sigala:

      Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

      5 denials so far... Any ideas. 


      Anthony - hope all is well. Sounds like you've been through the ringer. My company, Easy Street Capital, is a national direct lender and I don't have any tradeline minimums for Fix/Flip and DSCR loans. Happy to help if you're still having trouble, feel free to give me a shout!


       Easy Street Capital is one of my 5 denials based on tradeline minimums. I'm open to talk again, if you think we can make something happen.


      Anthony, it sounds like someone must have miscommunicated with you if that's the case! Would you shoot me a text? I'll make sure you're taken care of on this. We absolutely have no credit tradeline minimum on DSCR and Fix/Flip loans!

      0Reply
    • Eli Mongold
      North East Ohio · Member since 2025 · 10 posts · 0 votes
      1y
      Quote from @Anthony Sigala:
      Quote from @Zach Berry:
      Quote from @Anthony Sigala:

      Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

      5 denials so far... Any ideas. 


      Anthony - hope all is well. Sounds like you've been through the ringer. My company, Easy Street Capital, is a national direct lender and I don't have any tradeline minimums for Fix/Flip and DSCR loans. Happy to help if you're still having trouble, feel free to give me a shout!


       Easy Street Capital is one of my 5 denials based on tradeline minimums. I'm open to talk again, if you think we can make something happen.


      I would be happy to take a look here, we don't require it either! NEO Innovative Consulting LLC

      0Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    1y

    Do you own a home?

    0Reply
    • Anthony Sigala
      OP
      Investor · AZ · Member since 2024 · 25 posts · 8 votes
      1y
      Quote from @Mike Klarman:

      Do you own a home?


       Yes

      0Reply
    • Seth McGatheyBusiness Member
      Real Estate Agent · Milwaukee WI · Member since 2024 · 318 posts · 251 votes
      1y

      @Anthony Sigala how much equity do you have? A cash out refinance (if you have an interest rate at similar rates to today) or a HELOC could let you get access to your own cash rather than a hard money loan. Also, you could potentially use your house as collateral.
      Obviously be aware of the risks. Make sure you have the money to cover these expenses so that you don't put yourself in a place where you lose your house because your BRRR went south.

      [email protected]708-297-0996
      Seth McGathey - Shorewest Realtor4.913 Reviews
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      0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y
    Quote from @Anthony Sigala:

    Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

    5 denials so far... Any ideas. 


     You should still be able to obtain financing with limited history. It may require a larger downpayment however. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    1y
    Quote from @Anthony Sigala:

    Over the past ten years, I have not taken on any debt, and all of my cars and things have been purchased for cash. About 3 years ago, I opened a credit card. That's the only debt I've taken on within a ten-year period. Hard money lenders that I've spoken with require 3 lines of credit with at least 12-month history each.

    5 denials so far... Any ideas. 


    No credit can be worse than bad credit - you are like a blank sheet of paper. Leverage is an important component; learn how to play the credit game and build your FICO score, on top of that, it does not hurt to have access to credit lines.

    Second, I would seek private money from friends or family. You don't need a rich uncle. RE is sexy and a lot of people have 50k in a 401k that is not doing much and they like and trust you, they would be happy to invest with you for an 8% return.

    0Reply
  • Lily Levi
    Lender · Charlotte, NC · Member since 2025 · 14 posts · 2 votes
    1y

    Sent you a DM! 

    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    1y

    Why are they saying they're declining you? Is it a matter of not having sufficient income or not being at your current job for long enough. It's hard to say why with just what's been presented.

    That being said, hard money is quite expensive. If you can find a private lender, that is generally a much less expensive way to go. Although they aren't easy to find particularly when you're just getting started. 

    Podcast Guest on Show #121
    0Reply
    • Anthony Sigala
      OP
      Investor · AZ · Member since 2024 · 25 posts · 8 votes
      1y
      Quote from @Andrew Syrios:

      Why are they saying they're declining you? Is it a matter of not having sufficient income or not being at your current job for long enough. It's hard to say why with just what's been presented.

      That being said, hard money is quite expensive. If you can find a private lender, that is generally a much less expensive way to go. Although they aren't easy to find particularly when you're just getting started. 


      0Reply
    • Andrew SyriosPro Member
      Moderator
      Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
      1y
      Quote from @Anthony Sigala:
      Quote from @Andrew Syrios:

      Why are they saying they're declining you? Is it a matter of not having sufficient income or not being at your current job for long enough. It's hard to say why with just what's been presented.

      That being said, hard money is quite expensive. If you can find a private lender, that is generally a much less expensive way to go. Although they aren't easy to find particularly when you're just getting started. 



       Did your post accidentally get deleted or something like that? 

      Podcast Guest on Show #121
      0Reply
    • Anthony Sigala
      OP
      Investor · AZ · Member since 2024 · 25 posts · 8 votes
      1y
      Quote from @Andrew Syrios:

      Why are they saying they're declining you? Is it a matter of not having sufficient income or not being at your current job for long enough. It's hard to say why with just what's been presented.

      That being said, hard money is quite expensive. If you can find a private lender, that is generally a much less expensive way to go. Although they aren't easy to find particularly when you're just getting started. 


       They are denying me based on the reasons given in the original post; that is because I do not have 3 trade lines that are above 24 months old.

      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Anthony Sigala:
      Quote from @Andrew Syrios:

      Why are they saying they're declining you? Is it a matter of not having sufficient income or not being at your current job for long enough. It's hard to say why with just what's been presented.

      That being said, hard money is quite expensive. If you can find a private lender, that is generally a much less expensive way to go. Although they aren't easy to find particularly when you're just getting started. 


       They are denying me based on the reasons given in the original post; that is because I do not have 3 trade lines that are above 24 months old.


       That is not a huge issue. Do you have any rentals owned or flips completed in the last 3 years? Do you also have 12 months of reserves? 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
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