Best way of purchasing 1st deal with no credit score

[Kyle Shepherd]

Hey BP folks! This is my first post here. Been learning and reading as much as I can given (a) no commute whatsoever to listen to podcasts on, (b) my family responsibilities, and (c) a day job that takes 40-60 hours a week.

I live in small-town Alabama. I have a property near me with a homeowner who needs to sell fast, off-market. It could be a good deal, or not. They are very motivated.

However, because I grew up thinking credit was bad, I just recently acquired my first credit card, an Apple Card (don't laugh). I'm very behind the curve right now in terms of building my credit. I sought preapproval from one loan company in Birmingham, but was told I do not have a credit report/score. I'm going to approach my local small-town bank, but I don't have too high of hopes that I'll get anywhere since I have no credit report/score.

What's the best way of going about securing funds for this property in this situation? If it's by using private/hard money, can you give guidance on that basic process?

Thanks!

[Whitney Hutten]

@Kyle Shepherd I disagree with James. You don't have to purchase a BRRRR in all cash (though it makes the process much more streamlined). Here is a guide on how to use other people's money to BRRRR.

I did see where you mentioned you wanted to live in the home... that will knock you out of most fix/flip programs and back down so a FHA program. Feel free to PM me the details on what the lender said and I can through out ideas (unless you want to post the details here). I feel there is much more to the story.

Now this does bring us back to credit... you will need it on the refi.  PM me, I have a couple of ideas on that for you.