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4 Replies Last post: Apr 25, 2009 9:28 AM by tomgaz

Need help financing a start up real estate business

Apr 24, 2009 2:31 PM

pmrealty 4 posts since
Apr 24, 2009

Hi,

I am looking for financing of my new start up real estate business. My credit score is somewhere between fair and good depending on which agency you poll… I checked all three and got three different numbers that were no were close to one another. The business has only been in operation for about month and funds are needed to purchase properties. Is there any way to receive a line of credit/loan without me having to use my personal credit/assets?

Thanks

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LUCKIEST 7,935 posts since
Aug 6, 2007

1. Re: Need help financing a start up real estate business Apr 24, 2009 2:44 PM

Need help financing a start up real estate business, Welcome Sylvia

How soon do you plan on starting this business??. How much financing??

Do you have a Federal I D Number?? Have you developed a Business Plan that I can read??

Do you know about SCORE?? SCORE is FREE

Good luck, LUCKIEST

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pmrealty 4 posts since
Apr 24, 2009

2. Re: Need help financing a start up real estate business Apr 24, 2009 10:28 PM

in response to: LUCKIEST

I would like to be able to purchase my first home by September and am looking for $75,000 in start up funding. I have my EIN number and am currently working with a busness plan writer to have my plan finished by the end of the month. I have seen you mention Score.com and have researched and found my local office and will follow up with whatever assistance they can offer. thanks.

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phanio 483 posts since
Apr 7, 2009

3. Re: Need help financing a start up real estate business Apr 25, 2009 7:37 AM

Unfortunately, all lenders will pull your personal credit history. They will do so for the same reason you do not want them too. Real estate investing is kind of a strange market when it comes to lending. Most lenders will not lend to real estate investors - especially in this market. Other may lend but will require you to have 50% to 60% down payment (equity). There just is a lot of risk.

You could try to seek investors. Get out and network in your community. Attend any and all networking events and just start talking to people - tell them your story and what you are trying to do. You never know who you will run into. Plus, if the people you talk with do not invest - they may know other who will. Just make sure you really state how you (you personally) can pull this off and make money.

Business Money Today

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tomgaz 17 posts since
Jan 9, 2009

4. Re: Need help financing a start up real estate business Apr 25, 2009 9:28 AM

We do a lot of unsecured business lines of credit. Feel free to call or email.

Tom Gazaway, CMPS®, XCO
Managing Partner
Hawkeye Management, LLC
1873 Rt. 70 East
Ste. 207
Cherry Hill, NJ 08003
856-433-8134 ph
856-581-7979 fax
tom@hawkeyemgmt.com

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ForumsFinancing Tips

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Need help financing a start up real estate business

Apr 24, 2009 2:31 PM

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