Newbie has line of credit… - Posted by Brian
Posted by Brian on February 10, 2002 at 09:12:19:
I have invested many hours reading/reviewing and talking to folks about jumping into L/O, refurbs, etc. My partner and I will be jumping in and start to have fun!
We currently have about $100k line of credit. We like the idea of l/o, but would also like to refurb and act as a bank to new tenants. Yes, the idea of lower initial investment $$ is appealing with sandwich l/o, but we want more of an equity stake and owning the properties and positive cashflow.
ISSUE: My partner and I are about to be offered severence packages from our 9-5 jobs and enter into handy-man work for ourselves.
QUESTION: Since we no longer have our 9-5 jobs, how detrimental is this going to effect our ability to secure funds to purchase/refurb with traditional lenders? I understand hardmoney may be an option, but would like to steer clear as we start out.
Any assistance is greatly appreciated!