All Forum Posts by: Breland Clark

@Breland Clark & @Lou Mancini, how was your experience? Is this the Acqua Funding that is based in Brooklyn, NY?

I ask specifically because I came across this company via social media and there are many who are running some sort of scam. I just want to know if they're a legitimate business and I won't be the victim of identity theft or the like.

Hi there Breland!

We are deeply sorry you had this experience with one of our teammates at the firm. We value customer service over anything else in this business. From our understanding, you were able to connect with our team a few times and we are currently are working on a deal for you now! Thank you for using our services!

Hi Breland,

I'm somewhat in the same boat you are. Did you decide to go with a partner or something like a DSCR loan? Or, come across any other options?

Thanks!

Hey James,

Hello Breland,

Have you ever considered a DSCR loan? Debt Service Coverage Ratio loans do not consider the credit worthiness of the borrower but instead considers the income potential of the property. They are generally a % point or 2 higher than conventional loans, but this may be your only option. You can always refinance out of the loan at a later date once your credit has found it's footing once again.

If you don't want a partner I would look into these loans as a great option!  I wish you the best on your real estate journey!  Take Care,

I can relate Breland. After the housing market crash in 2008 I was in this situation. I had a sub-500 credit score and no money in the bank.

So I did what @Chris Seveney suggested to you...

I brought on a partner to fund the purchase/rehab of my properties.

But here's the thing...you MUST have deals worth consideration and be able to demonstrate how they are profitable to this partner. It's not enough just to say this is a great deal. Provide proof that you did your homework (i.e. comps, rehab estimates, timelines, photos, video). You may even want to list out what trades you have on stand-by to do the work, as well as a material cost list.

Do you have this information ready to go?

 Bring on a partner. It will be very challenging for someone with poor credit to find someone to lend the money to another person with poor credit. They will ask why is it terrible? If its because of late payments etc a rehab would most likely be the largest investment the person may have made and if they have had trouble managing smaller amounts of money then larger amounts most likely would be worst. 

Work on building your credit and saving money.