I am looking for a lender willing to lend $75,000 in startup capital.

[Joseph Fenner]

I am looking to invest in my first rental property and I have a plan.

I am looking for $75,000 in start up capital which will be used for a 25% down payment and the rest will be used for unexpected expenses including vacancies. 

I will then take out a DSCR loan to cover the property and rehab. I'm looking to finance a property under $120,000 and I am using the BRRRR method. After the 6 month seasoning period I will do a cash out refinance and use that money for my next down payment.

I will be investing in long term rental properties but I will also include fix and flips so I could repay the $75,000 as soon as possible. 

I will be doing my mortgage financing with RCN capital so this is separate from what I’m asking.

The $75,000 will allow me to get my real estate business off the ground. I also have a credit score of above 747 and I never missed a payment. 

The problem I am having is I do not have income yet because I need the start up capital, once I receive that and acquire my first property I will generate income. This makes it more difficult for me to qualify for loans.

Is anyone interested?

Thank you,
-Joseph

[Michael Doherty]

Hi - This may be a tough sell for you as you no have experience yet. Additionally, I don't see any information on your fix and flip deals that could help secure repayment. I can recommend a hard money lender if you want to DM me. Additionally, if you have an active LLC I know of a bank in CT that will loan up to $50,000 with you as a personal guarantee. They wont ask for income, tax statements etc. if its $50,000 or under.