Hello community. Here is my situation, I would love some advice/feedback:
I have worked as a full-time real estate broker for several years now and done very well. I have helped several investors and am confident I can find good deals for myself. I am ready to start doing my own investing. I have $35,000 in a LLC checking account. A very small amount of equity in a personal home (I bought it at the beginning of the year), two cars (maybe worth $12k), a small E-Trade account....
My credit score is 670. Mostly this is due to the sell of a home in 2014 that was recorded as a paid foreclosure. I actually sold the house with equity but was behind back in 2012 and so they recorded it as a paid foreclosure. It seems like this is hurting my options (no surprise) but I am being told it makes the idea of buying a home through non-traditional financing methods and then doing a cash-out refi impossible. Will I not be approved for a Refi of an investment (if I want to buy and hold) until seven years after that foreclosure was recorded?
Thanks in advance!
