Getting Approved for a DSCR Loan

[Owen Mitchell]

A little about myself:
Hi my name is Owen and I'm looking to do my first deal. The Flipping and BRRRR strategies both interested me a lot. Due to my own financial situation and goals. I already talked to a several hard money lenders and picked one to do a Flip. In the pursuit of finding my buying power I want to see if I'm able to do a DSCR Loan to do a BRRRR. I talked to someone from KFP Investors yesterday and i really liked what she had to say, but I don't own my own personal home. Apparently to do a DSCR loan you need to show history of you paying your own mortgage. She suggested i take on a partner who would have the mortgage history requirement, im going to start buy asking my grandmother 😏. Hopefully that works. Another thing she mentioned that might be a issue is the types of credit history one has. Ex: I only have credit cards which is a revolving credit but i might be more favorable to a lender if i had an installment loan on my credit, car note. Apparently lenders value installment loans differently than revolving credit. One of my Goals from my Vision Board is to get a Silverado 2500.

My Plan:
So Im thinking to now do 3 - 4 Flips, 20K profit per Flip. To have enough money to buy the truck out right but only put down the required down payment and get the car note so that i can have the installment loan and build my credit score as well. Making me more favorable for the DSCR Loan, and all lenders in the process. What do you think? Hoping to get some useful feed back and hope this helps others as well. Thank You in advance for you reply.

Also would it matter if I bought the truck under my llc, as a business car, since I need it to show on my personal credit?