Longmont, CO · Member since 2019 · 52 posts · 11 votes
I want to start Brrrr investing. I have the capital and the income, but I’ve never built any credit. I’m going to start, but can I do a loan to value with very little credit history to start? Also, are loan to value interest only loans? In other words, when I am analyzing a property, am I only factoring in the interest payments? There is no principal payments? I’m an extreme newbie, but learning as much as I can. I would really appreciate advise! 😊
you should talk to a broker so they can tell you exactly what you need to get the loan. This way they can look at your specific situation and financials and tell you where the goal post is. I don't recommend spending a lot of time guessing what you should do because if you're wrong it's a lot of time misspent. Talk to a broker (or two) and you'll really KNOW what you need to do and can put together a game plan
there are asset based lenders who will lend on the property and not worry so much about your situation but they are incredibly expensive