I’m an agent and investor. I have good credit and some properties, but they’re currently highly leveraged since I bought with zero down.
Our market has become very competitive and being able to make cash offers is a must. What would I need to do to get a line of credit of at least 150k from a private lender to buy a home outright?
If I can’t get a line of credit, what are my other options to be able to offer cash for the home?
For background…I’m asking this for a few beginning investors as well. I guess we mainly want to know…how can you get started as a full time investor if you have great credit, but no money?
I work with investors who can buy a few million-dollar properties outright, but it seems tough for a beginning investor. They’re getting killed trying to get a property because they can’t offer cash.
I know it can be done with the right lender/partner.
This is good as cash!!! and less expensive using BANK MONEY
I have my client pre-approved and pre-underwriten this is so that I can close in about a week or two which is just as fast as HML or PI
all I have to do is plug in a property and order title and appraisal go to final underwriting aproval and we are done and funded
the only time I would suggest to my clients to use HML
they are at an auction or sherriff sale
the house need extensive work and would not qualify for a bank loan.
I have investors with 800+ scores and mine should be above 720-750. How do we get into getting a line of credit? What do you look for?
Well if you are really into getting a line of credit you go to the bank or credit union and you get a business line of credit.
I do not suggest you get lines of credit on your personal homes when you are still new to the REI part I only suggest that to EXPERIENCED INVESTORS.
I again would suggest just using BANK money and getting loans Like I suggested in my first tread.
This is still as good as cash and you do not have to worry about the
rigamaroll of getting a business line of credit