Tips and Tricks from the Street- Tip #4
Tip #4- You can do this business without much money or credit- but they will definitely make your life easier! So, it works like this- if your credit sucks or is marginal then it is going to be harder for you to find money and it is going to cost you more when you get it. If you don't have credit established- GET IT! If you have to start off with a secured credit card- GET IT! If you already f'd your credit up- FIX IT! Talk to Sharon Mckenzie or Jane Irwin about it. (no, I am not affiliated with their business- but I know they are wonderful and honest people that won't take advantage of you) REI is a numbers game. You need to understand them if you want to succeed. If you want a hml to lend you money, or use a bank to refi out of a hml, etc- your life will be MUCH easier if you have good credit. So, get your $h!t together if it isn't already!
Comments (1)
Someone asked me about who my hml is- my reply-
The ones I have been using for the past 6-8 years are from personal relationships. Others are out there, but shop around. Some of them actually want you to fail so they can take your house. One of them laughed about it to one of my friends a few months ago. He said something like this- "We lend the money, do the draws, demand permits, check on the quality of the work. If they don't pay us back on time we pile on the points and fees and they end up giving us the house with a lot of equity and they did all of the work for us." I would suggest that you ask around at lunches or other meetings. Sometimes people might not want to share that info on a public board like this.Mark Owens, over 7 years ago