How Does This Sound?
I'm 22 years old, working full time and schooling part time. I don't like the dead end feeling I get from my job, and want something that will better reward the energy and creativity I put into something.
My father has been a contractor for several years, so he knows the ins and outs of renovation.
I have no credit and only about $5,000; but I expect to raise about $20,000-$30,000 dollars in preferred stock through my company. I plan on keeping my current job until things start rolling (to make sure I still have a little cash coming in)...painting/landscaping in the mornings and on weekends, letting my father handle most of the major work during the week.
My question is, do you think with no credit, if I talked to someone at the bank or a similar lending institution, that I could get them to give me an interest only loan. Normally I would think no, but perhaps the $25-$35k cash will show them that I am serious and that my company has assets incase of a problem.
Any advice or questions are greatly appreciated. Thanks!
Hey Budd,
Try looking into Hard Money Lenders. Those guys dont focus on your actual credit (no intensely anyway) but they focus on your deal. Often times they will lend 65% of the ARV.
Hope this helps some.
Also maybe consider learning about purchasing a property Subject2. This you dont need to qualify for at all, but rather have the deal financed using the original sellers mortg.