if i have no income

7 Replies

will hard money lenders give me a loan if i can show that the deal is good?

i am in college, have no income no credit. i am going to apply for a credit card in a few minutes

Do you have some cash to put into the deal? A track record rehabbing? If so, and if you have a good deal you may be able to get it funded. No experience, no cash, and no income is probably a deal killer.

Here is what I did: Found a deal, presented to my cousin, let him get the loan in his name and I did the work. Turned out to be a good deal. Get creative there are lots of ways to do it. There are lots of deal and lots of investors out there.

That could be an uphill battle give your current situation.

Hey Derek - Since you're in college, a major investment and for most people a launchpad for your life, you might also consider wholesaling the deal for $10k profit. Build some funds so when you finish school, you can go ramp up your marketing and ease into rehabbing with confidence and OPM.

Option #2 is to find a partner. You found the deal. Now find an experienced investor willing to teach you the ropes for half of the sweet deal.

Always have options.

@Account Closed HML require some skin in the game. They won't lend 100% no matter how good the deal is. Some HMLs offer JV lending which would require a second HML for the balance.

- the 1st HML pick up the purchase price 70% to 75% LTV & the 2nd HML picks up the rehab costs. You may have enough to add to the difference needed for the purchase price.

On the back end you share the yield with the JVing lender 50/50 yet you still have to pay back the 2nd HML out of your own proceeds. To me its not worth it but its an option... You'll have to find other creative ways to secure funding. Like Nicholas Spohn mentioned, find an credit partner or an equity partner. Perhaps if a relative can get a HELOC and loan you money from it. Wholesaling is another option. In your situation, you're unable to do it by yourself as far as buy and hold or fix and flip.



You may have a better chance at closing a deal, if you can partner with someone who can loan you some cash to cover 20-30% of the ARV. Then get the rest through a hard lender.

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