Financing with collateral for so-so credit

[Tia Rubadeau]

Hi everyone,

I'm new here and was wondering if I could solicit some opinions on financing options to keep business growing. I'm avidly reading, listening to podcasts and working on a business plan but keep getting stuck on the financing as that is the major factor that will determine my timeline moving forward.

My credit is not great but not awful (lots of student loans primarily, few late payments, etc.), however I don't think I will qualify for any traditional bank financing. I was a school counselor but am now self employed so proving income is also a challenge. I own two properties (both paid for)-- one is being converted into a multi-unit rental and should bring in about $1416 cash flow per month after costs. The other will be my primary residence in a month or so when rehab is finished. I acquired both of these properties this year so I haven't owned them long.

Does anyone have suggestions for obtaining financing (specifically financing with houses as collateral) to move forward in rehabbing and flipping properties and acquiring rental properties? I'm trying to find a local hard money lender to talk with (no luck yet) and looking into home equity (but proof of income and length of ownership seems problematic). Any other good options I'm overlooking?

Thank you!!