BRRRR question for experience investors

[Alejandro Vargas]

BRRRR credit question

I’m planning to buy my first rental soon . Here is my dilema I am contractor with 2 years of W9 the company pays me about 10k a year but the company makes about 80k to 100k per year. ( the Remodeling company is mine) company hasn’t build credit yet.

On the personal credit I have between 680 to 700 credit score

How do I go about buying my first rental on hard money and then going to refinance later?. Can the loan be based on what the company makes ? I rather do a personal transacción then open a néw LLC.

Ideas, suggestions, highly appreciated

[Zach Westerfield]

I would start by talking to local banks. Just because one says no, dont get discouraged. i have talked to over 20+ banks in the last 2 years, i dont think any 2 of them gave me the same answer, other than a lot that just said no. My wife is self employed, and a lot of banks wanted to see that income reported on two years of tax returns before they would count it. 

If you are a remodeling contractor, you might want to consider partnering with someone as well. You bring a very critical part of the business to the table.