Updated almost 9 years ago on . Most recent reply
Investing with bad credit
Hello Everyone!
My name is Kendell Nunez and I am a Beginner in Real Estate. Currently I work in a restaurant in NJ that pays me enough to travel to and from work. I have been looking into real estate for about 4 months now but I haven't done a deal yet I really want to become a real estate investor. I am looking into wholesaling but my major goal is to by and hold and do some rehabbing. Is there anyway I will be able to get a loan with bad credit?
Most Popular Reply
I highly recommend you establish an LLC to purchase property under the LLC. Most Hard Money Lenders are asset based lenders. If you get a deal under contract with a low LTV they will lend even if you do not have good credit. Keep in mind that HML will require you have some skin in the game and have money to rehab. They normally require 20% down Payment. If the deal is sweat enough they will probably lend you the rehab money too.
Good Luck !