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Updated almost 7 years ago,
Funding with 70k and no Income
I'm having trouble figuring out my best option for funding. I'm currently looking for houses in the San Antonio, TX area to flip (100-200k range).
I have $70k saved in the bank. Part of this comes from my first flip that just closed earlier this month. (Pictures at the bottom.) I left my job in August of last year so it seems traditional financing is out of the picture with no proof of income. I started an LLC late last year but have no business connected to it just yet as I bought the house under my name before creating an LLC. My goal is to start doing all my future real estate projects under my LLC to prevent my credit from being beat up as it was with the first flip (750+ to around 660 currently)
Business line of credits also seem to be out of the picture as I don't have at least 6 months of financials to show I am a profitable business.
My first flip was done with strictly cash and credit cards and don't want to go that route again if I don't need to.
Any ideas on financing with my situation? I have talked a little with Torro (gotorro.com) but have read some bad reviews so not sure if I want to move forward with them. Anybody know if they're credible?
Thanks in advance!
Here are some pictures of my first flip: