Help! I lost my job over a year ago, went through my savings and in the process my credit started dropping drastically. I’m a hard worker and have all the time in the world. How do I qualify for a loan to fix and flip houses without savings or good credit? Thank you in advances for any positive feedback.
Help! I lost my job over a year ago, went through my savings and in the process my credit started dropping drastically. I’m a hard worker and have all the time in the world. How do I qualify for a loan to fix and flip houses without savings or good credit? Thank you in advances for any positive feedback.
Sorry to hear you went through a downtime. Banks won't lend to you if you don't have W2 or saving. So your next approach is a hard money lender. You need at least 600+ credit score to borrow from hard money lender, and you also need to put down 10-20% of the house price with the hard money lender. Unless you have family or friends that have money to invest and trust you with it, I would suggest trying to repair your credit score and save up some money first while reading more real estate investing books and soak up as much knowledge as you can. Real estate investing is not a get rich quick thing. Some seminars are preaching how they did a no money down deal and made a killing of it are just there to make money from teaching courses. If they are indeed so successful, they would not have time to hold seminars all the time, they would be busy buying properties. Time is on your side, so research more and talk to other investors and real estate professionals.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Korea Lugo are you currently working? If not, that is step one. You need money to get a loan, unless you can borrow from someone you know. No lender will give you money with no income.