Big plans/small credit

[Aaron Lang]

Hi Guys,

I have less than desirable credit ~600 (had a business loan that I defaulted on a few years back). So I'm looking to find a deal with seller or "creative" financing. And I am looking for a commercial space (with live-able area or apartment). I'm hoping to live in the space and rent out to an additional tenant or to a business. A duplex or triplex would be ok as well.

I need to find a location within a densely populated city with space to safelyhouse 2-3 vehicles (for my other business), outside of space for the vehicles, I do not need the commercial space. The big thing to me is housing multiple vehicles in a central location of the city (Chicago is the primary option but would consider a move to another densely populated city like Vegas, Houston, or Atlanta..... tourism matters for my business)

How would you guys proceed with trying to acquire a deal given my situation? I know this is open-ended and full of variables, but basically I need to move to a more central location of my city, or to a central location of another city, and in doing that I want to attempt to put my best foot forward on making that next move an investment property. Thanks for your help, don't rip me too hard for being a noob.

[Aaron W.]

@Aaron Lang Great to hear you are looking to make the jump!

Financing, even with less than stellar credit, is an obstacle that can be overcome if you can find the great deals. There are hard money, private money, investors, and partners you can consider who will look less at your credit and more at the deal you bring to them. 

As for finding the deal, @Joshua R. gave good suggestions. You may also want to start networking multiple brokers in the area you are looking for to help you locate on market, but especially off market deals.

Make sure you are practicing analyzing deals, so you can know you have a positively cash flowing investment and not a cash suck.

Good luck!