All Forum Posts by: Chris Teti

Inquiries are only 10% of your credit score, so they have a negligible effect on your credit score. Also, working with residential mortgage companies is different than commercial or hard money lenders, they don't really care about inquiries as long as the other financial #'s look good. 

Yes, I've used this before. The great thing about the credit cards (especially business credit cards), is that you can use the 0% interest cards that only require you to pay about 1-2 % of the balance until you pay it off. So not only would you be using bank money, but 0% bank money to fund your deals. It's pretty sweet if you know how to do it.

You mean a home equity line of credit (HELOC)?

I've used another company that is similar to Fund and Grow in that they help you get access to business lines of credit, but they also showed me how to access the lines to use for down payment $$ without paying the high cash advance fees. Good luck! 

@Matthew Banks

Yep, that's the way to use it. A backup plan. Good luck man.

Hi Matt, I work with LOC's all the time and the lenders typically don't like you using them for investing. The other concern you might have is that if you do get approved for one and use it, it will negatively effect your credit score and DTI which will make it difficult to then get a mortgage approved as well.

Hey Jake, Scott is right, going to local REI meetings will definitely be a place to meet other like minded investors that you may be able to work with. Another approach is if you have someone in your family or friend that has good credit that can act as a PG to acquire business capital to use for your own projects.

@Tom S.

Actually I recommend the opposite. In the unsecured world inquiries are a big deal, way more important than your credit score actually, where a few inquiries have a negligible effect on your credit score when applying for a mortgage.

Sure thing. Depending on how much you need, it may be tough to know what banks to target first. If you need any help, let me know, we do this all the time. 

Good luck! 

I agree with @Joseph A.. The inquiries shouldn't matter too much to a mortage lender, they are looking at FICO and DTI. But Joe is correct that if you have revolving accounts reporting to personal, you need to make sure you manage them a certain way. Ideally get setup with lines of credit that don't report to personal to give you the flexibility that you need.