Bad Credit
Hello
I have posted here before about this subject but didnt really get any help.
I have damaged credit. I know I must acquire 70-80 % loans to acquire the properties. I like 30 + units . Should I acquire first one with a mortgage broker?
How or where do I find and individual that is willing to co-sign? What do I pay him/her? Percentage? Are we both on the deed or is that all taken care of on the LLC?
Has anyone here ever had to start their career with bad credit? How did you pull it off. Please dont say Ask a family member. I just WONT do that. Thanks... 
Having a co-signer will not help you. If you have a co-signer your credit would still be looked at, and would ruin the loan. You will need an other person willing to secure a loan for you, then quit claim it into a trust that you could be a beneficiary of. The person who got the loan for you would have to be on board for all of this of course. At some point a refi would happen and take out your friend/co-signer. When your credit is messed up it can be very difficult. I do credit repair and it takes 5 months or more to repair but its worth it in the end.
Good luck,
Robert
[addsig]
Thanks folks for the replies. I now see it a little clearer. Sounds do-able except 1 thing.
If anyone has ever gone thru the experiance of getting a co-signer ...where did you find them..? advertise...friend..??? Post here looking for someone...Is there a specific way I could locate such and individual? What would be thier compensation? Thanks.
Thanks again for your feed-back . Im still interested in more info. Does everyone here have great credit?
You form the LLC first. Then do the deal with the LLC being the front." The LLC will use your co-signers credit. The lender does not need your credit at this point.
Now in return, depending on big your ego is , I would suggest giving 50%+ away in the end to your partner. Take your 50%, fix your credit. Your 50% should give you the breathing room as far as cash flow.
Feel free to contact us.
**** Be sure to keep and maintain an open, honest relationship with your partner. This will help assure that your partners confidence remains with you and the probability of he or she doing future deals with you increases.
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About Us:
We are a multi faceted development firm. We concentrate on: acquisitions (land banking entitled properties, development opportunities, waterfront mansions/estate sales), developments (multi-residential, mid/high rise water communities) and land banking.
We also incubate and accelerate other projects that companies or people ask us to help them on. Our network consists of debt/equity investors, lenders, 1,000 real estate brokers (not agents), and lawyers.
We love helping entrepreneurs as well. So, if there is anything we or I can do for those @ TCi, please let us know.
If you have a new or young LLC, the creditors are going to look at your personal credit.