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Updated over 5 years ago on . Most recent reply
How can I get a equity loan with terrible credit?
I started as a union carpenter in NYC. I worked and saved then bought a house in northern California. My sister also bought a house around the same time very close to mine. She eventually moved to las Vegas and didn't have time for it anymore so she sold it to me so now I have 2 properties. Both properties increased in value since then. The one I started with is now estimated at about $230,000 and there is about $45,000 left to pay. The property I got from my sister is now estimated at about $115,000 and that one is fully paid off. I started a carpentry company and have a great team of guys ready to work and I know that comes hand and hand in this business especially being that I want to buy, fix and flip/hold. Im spread real thin now and would love to use the equity I have but now my credit is shot because of missed mail while I was in California. I sacrificed and put a lot into the company to make sure the workers get paid and certain tools are bought to complete certain jobs being that we are just starting so I don't really get profit yet. Once I have the capital I can do so much more to make so much more money then I can fix my credit. How do I use the equity I have while having terrible credit, so I can get things rolling and out of this stuck mode?
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@Craig Jeppesen Thanks for the reply. Yeah Im thinking about partnering with somebody.