All Forum Posts by: Geoffrey Jones

Let me know if you have any deals in this area. I am based out of NYC.

Love the deals . Thanks

Try joining the NYREIA or REIANYC. Both are really good Real Estate Investment Clubs and you will meet a lot of interesting people especially some here in the BP forums.

Jon, Thanks for making that simpler.

@Marvin S. Remember you are just flipping paper and should not need much to tie up the deal. You don't need loans for this either. Save yourself the headache and save up 1 - 5 grand. If you absolutely need to then get a credit card or loan like Jon and I mentioned. With the credit card take the cash advance, be warned as there may be fees. Also start with 1 property at a time and keep your day job if you have one. Fix up your credit as this will be important down the road as it makes everything a little more easier not to mention the self esteem boost you'll get. Even 1 credit card being paid on time can make the biggest impact in a year or 2. If not you'll be always hustling to lock in that next deal. Once you get your foot in the door. It should make things easier for you. As you start making money you'll have more than enough money to lock in your deals.

I have done this for multiple businesses for a few friends and myself.

Getting credit like Staples, Dell, HP, etc are only supply trade line credit. To fund the acquisition of real estate deals you need to get real cash lines of credit and credit cards which only report to the business.

This requires having an excellent credit score 720+.

Personal Guarantee (Which could be removed after making good payments on-time)

History on your credit report.

A registered corporation with age

There a lot more to discuss here. And strategies that I use to build credit faster and invest in real estate, but this is a whole book on its own. I would love to share what I know but its just too much to discuss in 1 topic.

I totally agree. Lets clarify a few things here.

Marvin has "preapproval up to $600K in place for deals."

This is definitely possible and could be done with a regular bank or credit union, hard money, local bank etc. To get a pre-approval for 600,000 with the current market interest rates Marvin will have to have at least $100,000 - 150,000 income (Correct me if I am wrong).

Marvin also stated that he could get a preapproval for 6 mil.

It is hypothetical and hasn't been executed as yet. In this case I agree

that with the current pre-approval I don't see how he would be approved for 6 mil.

However, with the current pre-approval of 600,000 and the estimated income of 100000 - 150000/yr it should be fairly easy to get a loan of 5000 - 25000 for personal/business use to use for earnest money deposits needed.

I'm just being hypothetical here, health criticism is welcomed.

FYI. If you can get approved for 3 mil, why not go to the bank and apply for a loan that you could use to put down earnest money for your deals. Its clear you may already have some sort of credit or income to even get these approvals from the bank.

Just trying to be helpful and no offense intended, but it seems you may already have everything you need to start flipping paper.

I finally got the book. I can wait to finish reading it.

Hi everyone. I'm a real estate investor in NYC.

I am currently looking at real estate outside of my home state with my eyes set on acquiring properties in NYC, Northern NJ, Philadelphia, Pittsburgh, Maryland, Georgia, Virginia, N & S Carolina & Florida.

I am pretty seasoned when it comes to knowledge of R.E. investment strategies, credit repair, building business credit & marketing but I find there is always something new to learn everyday from these forums.

Thanks BP

Geoffrey Jones

Ill definitely be there. Hope to see you all.