Just purchase my first property with $5,000 in CASH (DETROIT)

[Chanel Oldham]

Hello BP Family,

I just recently purchased my first property. It is a distressed HALF Duplex in Detroit, MI (my hometown). It was a cash purchase and I've done some renovations with cash as well. I want to take some of the equity out to finish the renovations and possible purchase the other side which is in foreclosure. I contacted BOA to see about taking out a HELOC or Home equity loan but I was turned down promptly. They said that I would have to live in it for a year before they would consider looking at the value of it. Does anyone have any ideas about how I could get financed for this? I want to buy the other side before anyone else does and rent it out.

[Account Closed]

Originally posted by @Mike Carino:

open an llc and get a 0% interest business credit card to purchase the other side and finish the rehab. Or get a money partner 

OK, I want to hear more about this idea. How does opening an LLC help the OP? How does the new LLC qualify for credit that the OP can't already get? Who is giving credit to new LLCs with no income or credit history?