I am planning to get started in the Rehab business, and have many questions. First, here are the basics of my situation…
*Plan to start after the first of the year
*credit score mid 500’s
*Bankruptcy discharged a year ago (3 months before filing score was 720+ :()
*will have 10,000 in savings to start
- planning on initial starting price range to be 30,000 to 40,000 (list price)
I do not plan (at least in the beginning) to purchase expensive homes to rehab, because I am operating under the assumption that with a score of mid 500’s, I won’t have the option anyway. I feel very confident when it comes to nearly every part of the rehab process, other than the financing-for obvious reasons. I am currently on the way to improving my credit score, but do not want to put off getting started. I have started researching HML as a possible means of financing. These are my questions:
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Are there HML that are willing to loan to someone with a credit score this low?
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Will they loan an amount that small to purchase a property?
I will admit that I do not know alot about HML, and know nothing about private lending. ANY advice on where to begin is VERY much appreciated!! Thanks…
very glad to have found this site