Paying for the use of someone's good name & credit
Has anyone with bad credit been successful at finding someone with excellent credit who is willing to co-sign or be the guarantor on a line of credit in return for a percentage of the deals you do, therefore enabling you to have cash to close on deals quickly? If so, did you write up a proposal, or how did you approach them or find them? This seems like a win/win situation since the person would not literally have to put up any money, just allow the use of their good name and credit and receive income for basically doing nothing. Any feedback would be greatly appreciated.
Has anyone with bad credit been successful at finding someone with excellent credit who is willing to co-sign or be the guarantor on a line of credit in return for a percentage of the deals you do, therefore enabling you to have cash to close on deals quickly? If so, did you write up a proposal, or how did you approach them or find them? This seems like a win/win situation since the person would not literally have to put up any money, just allow the use of their good name and credit and receive income for basically doing nothing. Any feedback would be greatly appreciated.