Wanting to purchase 3 more locations, using a business plan. No luck

[Daniel Bonnell]

Hello looking for help, maybe you can give me some suggestions on what I am doing wrong. I have done searches of the net and check with local financing. What I am trying to do is keep the finance companies from pulling my credit for on. That will pull the credit you worked so hard for down so fast. I do not see why, because it not that I neglected paying payments.

But here is my issue, last year I stopped working because we bought a small farm and my partner had a really great job, then they closed down. I dont know if you knew of Coldwater Creek, it was a woman's clothing distribution center. He was there for 16 years and I believed the company was here for 20 years. The company seemed to be growing, two years ago, this building doubled, maybe tripled in size. So felt secured with his job, and I am on disability. We also have three rentals that gives us a good income, 99.9% rented.

So our cons is he has been on has been on his new job for 6 months and he is not one to change jobs, he works hard and wants to grow. Before his job at Coldwater, he was employed with the same company for 20 years. We just bought the new house 18 months ago. We do fine financially, but they look at that he has only been employed for 6 months, and this company hires through a temp agency, Then they higher about every 6 months permanent workers from that. His supervisor just advised him he war ready to go to permanent when they start hiring. This is a huge Truck building company is growing wild. It is called HINO.

The pros we have is we have good credit, not perfect, but good. We work on it, no bankruptcy never, no late mortgage payment, but one. This is when we was closing on the house before this, be was told not to pay that month by the lawyers because all had been figured out. We was bought out by FEMA because we lived in a Flood area. Then when closing came, it was postponed for a few weeks, not worried about the payment, was busy with moving and was told all was taken care of. I always paid my payment two weeks or more before it was do. They ding me from being late, I tried to work with them to remove it with letters from me, Fema, The county commissioner, but no Bank One refused to remove it. After the many years I had been with them with perfect payment. They would not forgive one late payment.

The plus with this area is two big companies have been moving in, rental property is hard for people to find, and rent has doubled because of the demands. I had a opening a few weeks ago, friends of mine who has rentals, told me to raise my rent $200.00 to $300.00 more a month, and will not have any problems. I felt like I would try $150.00 more, should have went high and came down. With in a half hour I had over 50 applications, people offering all kinds of promises to rent it and not even seen the inside. One person offered to pay 6 months in advance. But I show it in order the applications came in and was approved. I had to pull the ad from Facebook in a half hour, could not keep up. The first person seen it of course took it, even offered to go in and clean it up, and do painting at their cost.

I show the Banks even with just my income plus the rentals, and the possibility of 3 more. I have even done a business plan. But been denied, mostly they dont want to count the income from the current rentals, and will not look at the 3 units and the income from them. When I bought the 3 I have, interest was high. What I own is it valued at $139,000.00 and owe only $69,000.00 and paying over $600.00 a month. I know with the cheaper rates, I could pay off my current loan, purchase a great deal fast $69,000.00 duplex and a single family home for around $30,000.00 plus would like a extra $10,000.00 for some improvements. I would bet I would be paying the same amount I am paying now, or maybe a little bit more and triple my income profit. I would be set for the rest of my life.

So many advertisement I get with free email accounts I have spent so much time researching and finding so many frauds. I am at a lot, and missing out on a great chance to grow. Make a good life for myself.

I wanted to pick at you mind of any ideas of what I can do to use what I have, plus a financial plan to get a financing. Thank you in advance for any help or assistance. Daniel Bonnell, [email protected]