Apply for and get a credit report and credit score. This will help you get a clear picture of your financial health. Be sure to get a report annually and learn how to analyze a credit report.
Each year thousands of Americans try to realize the dream of owning their own business. Many of them fail. A business plan could have helped them before they opened their business.
If you’re planning to get financed by a bank for rehab projects, you will likely need to contact at least ten in your area until you find ones, so don’t be discouraged at first. Don’t waste your time with big banks. Instead focus on the small community banks. If you plan to get financing for rehab projects and real estate investing in general, you will first need to assemble a loan package which lenders will request. It should consist of your last two years personal tax returns, personal financial statement (that shows all your assets & liabilities), a business plan, a cash flow examples (if you currently own property), & a brief description about yourself and the project you are applying for financing on as a real estate investment.