Creative Financing Ideas fo My Situation

[Jason Wutzke]

Hi BP,

I am going to buy my first SFR flip coming up in January. As with a lot of people I lack the cash to get going on my own using conventional means. I am hoping to get some good creative financing ideas for my specific situation. Below I will try to detail everything so my situation can best be evaluated.

Home values in my area: $200,000-$450,000 Menifee, California 92584

I owe around $180,000 and have around $160,000 equity in the house I live in.  I would love to tap into this equity, but because I use credit cards for my home business I have a significant amount of dept, around $60,000. This has caused my credit score to drop from 740 a few years ago to the low 600's now. I have no late payments, no negatives except amount (% utilized) on cards. I'm self employed so I don't have W2 or any other income source to show. 

I know they say find the deal, then find the $. But because I have to wait until January to dedicate any significant time to real estate, I figure I would do as much prep as I can. 

I am going to start with flipping but I am mainly using it as a way to get into Multi Family. I want to build a strong rental portfolio to help secure my financial future.

I would love to hear any and all ideas of creative ways I could finance my first flip. Please feel free to ask questions. Thank you in advance!

Jason W