LLC leverage options

[Warwick Ferguson]

Hi BP.

My wife and I are new to the US from Australia so are just starting out credit rating adventure.

We're exploring options for 2 different strategies, BRRR or flip multiples and keep every other property to create a portfolio. We are very ambitious and would like to do this full time. I have completed a number of full house renovations and a plumber by trade.

We have 2 SFH rentals in Australia which are cash flowing and I'm in the process of selling our personal residence to help fund our future here.

We are leaning towards BRRR but ultimately comes down to what options are available to us when it comes to refinancing for a LLC to leverage into our goals. We have ~$200k usd cash available for initial purchasing and rehab costs. 

What are our options and or requirements for private lending/commercial loan/portfolio lender for either scenario?
Kind regards,
Warwick

[Ned Carey]

At the start a lender is going to look at your personal credit and expect a personal guarantee. This is why a local portfolio lender can be more flexible.  Big National lenders will want at least X credit score. A smaller lender may look and see while you do not have much credit yet and not a long track record if what you do have is good than they may be OK with that despite a low score.

I would make a conscious effort to build my credit. The are internet forums specifically for building your credit - the easiest CC to get etc. I think one is just called the credit board. 

Hard money lenders are called that because they loan based more on the HARD ASSET than on your personal credit. However they may look at your credit somewhat too.

Private lenders are not likely to check your credit.