Financing Advise

[Chris Jurgens]

I need your help! I found an awesome deal for my first investment and need some advice! So, about the property. 3b 1.5Ba in dayton ohio for 35k. Zillow and core logic appraisal is 55k and comps are in the same ballpark. I wanted to buy it for a buy and hold investment. There are currently tenets in it and wish to stay once it is sold. It will cash for for at least 200 per month maybe more if I can raise their rent (there at 600 now and is 100 too low for the area) 

The problem, my credit. Long story short it stinks 590-630 and I am not sure If I can get approved. It will be over 650 in a few months but the seller needs to sell quick! My wife's is good but her income is weak because its a lot of cash.

Question 1) Do you know of any leaders who will work with such low score and only 35k loan?

Question 2) If I can not get approved what are my options? Hard money? Partner for a quick flip? Suggestions Please!! Thanks everyone!!

[Jay Dewberry]

This may be a silly question but...have you gotten the seller under a contract yet? It sounds like he/she is very motivated. What is the sellers reason for selling so fast? Divorce? Pre foreclosure? War Zone? Have your run all the numbers to make sure its a deal? If there are some concerns with credit score, perhaps print out an analysis report on the BP Calculators and take it to the banks so the loan officer can see how professional and serious your are. That may be a deciding factor. If not, find some private lenders in your area...or area REIA meetings. JV a deal if needed. Just some thoughts. Good Luck!