@Doug Kenney at some point, no matter which funding company you decide to go with, you will have to have no more than 4 inquiries per bureau, 680 + Fico, No lates for the last 12 months, at least 1 primary trade line(Credit Card) just to get your funding started. I know there are companies that fund with less but you run the risk of not maximizing the funding. If you do have all of these things in order, you should have to problem getting 5-7 (trade-lines/Credit Cards).
Also, you will need to clean up your inquiries after the funding. If there is a moral issue you have with fixing your credit profile for funding, you may want to wait until the inquires fall off. They will. If you check your experian it will tell you when they will fall off your report. You seem to be a good candidate for a funding program as well as going through conventional lending. You have an 500 Fico, down payment, and the desire to move things forward.
Please keep us posted on your progress!
My family has used this and other services for funding for a couple of years, so if you have any questions, do not hesitate to reach out to me and I will try to answer and questions about the process.
I will give you an example: If you use one of these services, you have an opportunity to get the downpayment funding (20 % down) to invest in a few great cash flowing commercial multifamily properties. I do not know your financial situation, but for someone like me, I like funding service companies. I also have learned that the credit profile is something that consistently needs to be worked on, unless you are already in the 800 Plus Fico score club.
I did an analysis recently and I spend approximately 33% of my W2 income in interest. That number will decrease as my credit score goes up and I will have more cash flow to spend doing the things I enjoy.
I did not come from wealth, so 1 method I identified quickly was my limiting factor was start up funding. I am now leveraging OPM to start my real estate investing.
Thanks,
Curtis Harvey
