Posted by chet on February 03, 2005 at 21:19:02:
3 suggestions
Credit cards
an SBA builders CAPline
a LOC from a local bank
One time they used previous yrs w2, another time income earned in the business (had a good year).
Line of Credit - Posted by Lynn
Posted by Lynn on February 02, 2005 at 22:41:29:
How many rehabs do I need to have under my belt before a lender will give me a line of credit? I have done one rehab which is currently up for sale. That was financed 40% my own money and 60% home equity line. I recently quit my job and will be doing real estate investing full time. My credit score was in the high 700’s before I left my job. Since I don’t have my former full-time job as a financial backup, I don’t want to use my own funds for real estate investing (probably wasn’t the smartest thing to do, anyway). In addition to private investors, how long will I need to use hard money before I have other options?