Have too Much Cash Not enough Credit

[TALAL PHAROAN]

My client wants short-term gains. Either want to fix and flip or fix rent and then flip to avoid capital gains taxes. He has a Non-Profit entity he inherited (Ido not believe this can easily be used for RE Investing idk)

His problem: New to buying properties and I am a new realtor. He has 180k$ cash but like a 600 credits score.

Question:

Is there a good way to purchase fixer-uppers and use a HELOC to finance the rehabs? This way he can have two or more properties going? Will they only loan according to the purchase amount or do they appraise the land?

The home in mind is a REO- if he buys it now he has to be an Owner Occupant for a year. If he waits until its open to investors he could flip it and run the risk of a multiple-bid escalation. Hence the question: if he buys and HELOC, is that a way to buy more properties with limited cash (180k$) or are there other ways..... In haste

[Rick Baggenstoss]

He could get Hard or Private Money if the deal is attractive. He puts in 30% of the deal in cash, Hard Money or Private Lendors cover the rest. Poor credit and a house under construction aren't really options for traditional finance.

Partnering with somebody that knows what they're doing might be a good way to invest the money and learn at the same time.

Good luck!

Rick