Investor · Orlando, FL · Member since 2015 · 25 posts · 3 votes
Hello every one how are you on this beautiful day/night ? Hope you are doing awesome !!
So here is my question, Iam working on my business plan and most in the part of financing.... I am working and saving money for my first conventional loan (20% down) but I REALLY WANT TO LEARN AND WORK in how to get more deals with creative financing
So here is my question....
If getting a loan with a private lender or portfolio lender or commercial loan... How do I get in front of them and show that I am serius about my investing career ? Being a young guy 23 years old with not to much credit record on my side has being kind of hard for me to get that
I talk a month ago with a BP member wich help me a lot but still having trouble What to show this people to get the yes on this lenders for RENTALS ?
Any idea will be more than welcome THANK YOU EVERYONE !!
I'm a lender myself, your best bet is to show strong cash reserves if your fico is weak. We typically want to see 600 or better. However, if your income is low and you don't have experience. Try and find a credit partner who has what you need. There are creative ways to get started. You just need to grow your network to make it happen.
If you have any questions feel free to Dm or email me.
I have met with some banks and what they want to see is my credit record, I havent done credit in anytime of my life I had just started out to work on it last month. My income/cash I would find it good I have a steady job for about 3 years and Iam doing 30k+ annually. As well Iam saving up money for that but dont what to wait every 3-4 years to re save that 25% down...
@ Jai Sookhakitch
Nice to hear that I will be a lender like you in the future i want to become the bank :) !! Well as said Iam saving up money but nothing too crazy as told, Credit record same story im just starting working on it. Maybe a credit partner would be the answer I might need to work my network but usually what is a good arrangement / agreement on this situations ?
@David Reyes Private money lenders don't always require a credit and there are stated income products. To get creative I would suggest going with a private money lender, some allow for 2nds lenders behind their first & others allow for gifts on the down payment. It's all about finding the right lender for your situation. Most private money lenders focus on the asset value less on credit or no credit at all.