HELOC denied - what now?

[Dawn Curry]

My girlfriend and I are looking to get into rental properties, but like many others, we are running into problems financially. We just got turned down to take out a HELOC for our house because I work under the table in construction and do not have proof of funds. My girlfriend's income isn't sufficient enough to take out the HELOC so it got denied

We've gone thru the friends/family avenue, however that did not work out too well.

We do have some funds in the bank, but not enough to get the deals we like.

Now we are thinking private money lenders -- is it just networking, especially on BP, to find these?

Thoughts? Suggestions???

[Levi T.]

You could use a hard money lender to buy the property, then refi it into a long term commercial loan with a local bank.

Find a local hard money lender. If they wont do the deal you have, it's likely not a good deal for you, as they know the business well. You need to look at restructuring your life/work if you really want to do this business, banking and financing is part of day-to-day life. Without banks, in the long run would be hard pressed to get anywhere beyond a deal or two.