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Updated almost 7 years ago on . Most recent reply
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How would lenders view my experience?
Hello BP,
Everyone in this business loves working with others who have experience. A track record of success opens up new opportunities that are otherwise unavailable to rookies.
I currently own three rental properties in north Texas (DFW); 2 single family homes and a commercial property that I rent to a guy that uses it as a small appliance repair shop.
However I did not find and close on these projects from the start, they were inherited. So while I have experience being a landlord and doing some rehab on these properties, I’ve not done a deal of my own.
When looking for financing, how much does this ‘experience’ count? When I’m looking to fund my next property should I mention how I came into the business or just show that I own the investments, they are doing well, and leave it at that? Or does it not really matter because a good deal is a good deal and getting financing is easier when there's obviously money to be made?
I don’t want to sell myself short but don’t want to misrepresent myself either.
Thank you!