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Updated over 8 years ago,
Buying rentals and my personal credit
Over the past few months I have began to acquire more rental properties (outside of another partnership I have). I took a HELOC out on my personal residence to purchase and rehab the first property and and am in the process of getting permanent financing on the property. I want to be able to buy 3-4 properties per year for the next few years. The problem is that the inquiries on my credit have drastically reduced my credit score over the last 30 days. Having my credit pulled for the HELOC and long term financing within a few weeks of each other has caused my credit to drop 80 points (Equifax) and 62 points (TU) over this time. I've talked to a couple of other investors and turn key providers in my area and it sounds like this is just part of the game. Does anyone know of a funding company who won't pull my credit for each new house I buy, or any advice for preserving my credit while purchasing these properties? I'm buying properties in Birmingham, Alabama but would like to know if clients of large turn key providers (like Memphis Invest) have had the same issues. Any feedback or advice will be very much appreciated.