All of this talk about “recession” may start to turn into a self-fulfilling prophecy—— so curious to hear idea’s regarding credit lines... and what to do if they freeze on you!

For instance maybe the seller will only give you $500 credit?  

Other investors wanted a 740 credit score with me using my own money to kick start the project as well as 3 years bank statements, 9% back, 4 points, 100K in the bank and so on and so on.

To add to the good information you already received, if you can qualify for a  traditional bank or even credit union loan great, because your rate, fees, and terms will most likely be much better than a hard money loan. 

If you have good credit and 2 years of working experience and income, suggest you talk to a loan officer.

My biz Just got approved for a $125k line of credit thru Kabbage. 16.5% over 12 months.

Make a use of funds, proforma, exit strategy, have your personal and business taxes and bank reports available, your credit score proof. 

If the borrower will have one to six financed properties, Fannie Mae’s standard eligibility policies apply (for example, LTV ratios and minimum credit scores).

Most small banks and credit unions will do portfolio, or commercial loans.

(Yes, I know how to vet PMs.)Lots of CapEx in the past two years, mostly updated units.New roofs / new plumbing in most / new HVAC / etc.)Block bombproof constructionProperty has been cranking out greatly increased cash flow each year.2016 - the true net after ALL expenses, management, and repairswas about $800/month2017 - the true net after ALL expenses, management, and repairswas about $1,200/month2018 - so far this year, the true net after ALL expenses, management, and repairs is about $1,600/monthI have actual bank statements / tax returns / P&Ls to verify all of thisMany tenants have been there for 5+ yearsVery low vacancy rateAll tenants current on rentThe negatives:Neighborhood is terrible.