New Investor Bad Credit

[Sabrina Garcia]

I am an aspiring investor with BAD credit (about 600 credit score, HOWEVER zero debt) I have about $10,000 in savings and my apt lease is up in April 2020. I'd like to make my first real estate investment using the BRRR strategy, but don't know where to start considering my credit score. I plan on starting my LLC, but fear with my timeline I won't be able to build enough business credit to invest by April. I was thinking to put the property under my name and possibly use the first time home buyer program here in San Antonio. Any tips?

[Joseph Cacciapaglia]

Have you talked to anyone about what you need to do to improve your credit? Sometimes there are simple things you can do to improve your score pretty quickly. If you talk to a knowledgeable lender, they can often give you an idea about what you'll need to do to qualify in the future. It's possible that financing is not as far off as you think.

Another option is to find a partner that does qualify for a loan. Early on, I brought partners on when I ran into a deal that I couldn't finance myself.