Odd situation... Possible " out of the box" solution?

Question

HI BP Fam!

I am new to investing and I am looking for guidance... My friend and I are looking to purchase our first rental company so we formed a LLC. However, I have a great paying job with bad credit (actively working on it) and she has amazing credit but is unemployed (decided to go to school full time). what is the likelihood of us getting approved for a conventional loan as a business?

Naomi Malary · Answer

@Andrew Postell wow this is awesome! Thank you for this!

Andrew Postell · Answer

@Naomi Malary getting a property to flip won't be a problem.  Plenty of lenders out there will approve you (or your partner) based on the property.

However, if you are looking to "buy and hold"....or keep the property to rent....that might be more challenging on your first deal.  There are absolutely lenders that will provide long term financing based on the cash flow of the property.  Most will require some type of experience though.  I've seen some require 6 months, some 12 months.  These loans will run the gambit thought so there could absolutely be someone out there that may not even have THAT as a requirement...but I think most will.

So, how do you find them?

• Post in the Bigger      Pockets STATE forum that you are looking in. There are usually some good,      local investors that monitor those forums. Maybe they already have a      suggestion or recommendation for you? Certainly try there.
• Visit your      local REI groups. There are many groups that meet across the      country. Some post here on Bigger Pockets. Many post on meetup.com.      Networking is always a great practice and you never know who you might      meet there and what good information they have to share. Would certainly      recommend visiting if one is close to you.

Hope this helps!