A little about me...mid 40s, married, 2 grown children, still in the area I was born. I've had a few jobs and ended up disliking all of them, some sooner than others. Most recently worked for the post office for a month shy of 10 years. Left in February. I fully intend on making this real estate career my last. Like some of you, I'm sick of working below my potential, making the wrong people more money, dealing with earned vacation and not being able to take it, being worked to the point of injury, not being appreciated, and not seeing my family on my terms. I'm done with it. I love seeing the success stories here, facebook, and elsewhere. I know it can be done, and I know I can do it, too. However, being inexperienced is quite the obstacle. I have a general idea of moving forward, but wanted to get some feedback, and willing to listen to suggestions, tips, advice, etc. So...

Currently living in my primary of 25 years. Bought same year I graduated high school. Never intended on staying here that long, but here I am. Lots of deferred maintenance, so I am treating it like a BRRRR. Based on my estimate of repairs, I have enough capital to cover rehab. However, I'm considering getting a personal loan to cover a portion of expenses to give myself some extra breathing room. Once rented and stabilized, and I have targeted a new property, I want to cash out refi. Would like to move into multi family/apartments sooner rather than later. BUT, one step at a time.

I have excellent credit, but now no income. I'm considering wholesaling to raise capital to fund my deals. I'm also interested in seeking funding through private investors, so I will be exploring that avenue in time. From what I've seen, a sole proprietorship might be the best for me at the moment, until such time I'm making enough to justify creating an LLC, and relying on an umbrella policy to cover any potential problems.

So, getting an EIN for my business, dba registering, getting a business banking account, and applying for business credit seems like the way I should be going at the moment. I want to buy as much as I can on credit, and use my cash to immediately pay off the card, credit line, net 30 accounts, etc., to boost my business credit. Please let me some tips/tricks to getting my credit off the ground. Many places don't like brand new businesses, even less when owned by people with no income.

We're moving to the NC mountains(Ashe Co.) after the rehab, so I will be making visits to all the local lenders trying to establish relationships. Included in the group of people I'm looking to meet will be realtors, wholesalers, fellow real estate investors, private investors, PMs, GCs, MENTORS!, etc.

Thanks for sticking with me to this point! I'm trying to get my bearings in this new to me frontier. I expect to make mistakes, but wanted to check in and get some feedback that could help me potentially avoid some as well. Thank you for your time, and I look forward to hearing from the community. :)

Mike

Southeast NC, North Carolina

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