All Forum Posts by: Chanté Owens

@Liam GobleGlad to see something positive ($200 increase rental income); come out of a definitely horrifying situation. Plus, you got the added bonus of attaining additional knowledge and skills around a substantial rehab project.

Now we'll wait to hear about your next purchase ;-) - cheers to an even more successful 2016!

@Liam GobleKeep doing what you do! Your hustle  will continue to pay off triple fold! I've read quite a few of your posts and I commend you on your tenacity.  You appear to be an extremely level-headed young man, and I wish you nothing but continued success.

By the way, didn't you have a property where someone ran into it? Perhaps I'm mixing you up with someone else?! 

@Meghan McCallum Hi Meghan, I don't know how much you are looking to spend; however, there is a company called Paychex, and they can do a LOT for businesses. They have plans that start as low as $50+ dollars a month. 

There are various programs, but you may want to check it out to see if they can do what you are looking for, and again, see if it's in your budget. I do believe they do quarterly tax filings for businesses, as well as send out the W-2's for employees, etc. 

Another program is called Insperity; however, I'm not as familiar with their workings nor how much they charge.

Good luck!

That should have been "EVERY" street! I should check myself better before hitting the "Post Reply" button!

I'm not familiar enough with the areas, but I did a quick google search and found this thread from a a couple of years ago that may answer a bit of your questions.

http://www.trulia.com/voices/Home_Buying/Kingsgate...

Just from reading some of the comments, I think it's like some other areas in and around Washington, that were a bit "dicey" years ago, but are now hidden and affordable "gems" because investors and others will find them; purchase them; rehab them, and flip them to a different type of buyer. 

If you are interested in possibly investing in the area, I'd recommend you taking a ride over there and driving up and down EVER street in a certain radius, that way you'll be able to get a kind of feel for the area. Look at how the properties are maintained; what types of vehicles are in the driveways/carports, etc. Look at the types of restaurants and stores in that area. This can tell a lot about what type of people live in that area, as the stores are a direct reflection on what the people in the immediate area want, and can afford. 

@Lynn McGeeinYeah, I've heard conflicting things on the two week period of looking for mortgage/auto loans and having them report as only one. Some sources say that's not true, others say it is...I'm not certain. One thing I recommend for anyone to know is that more often than not, ANY time you are looking to secure credit/loan, your credit report will likely be pulled, and COULD take a hit. Every situation is different and varies significantly.

@Jerry BruckenheimerI was thinking of that forum too; however, I wasn't sure if we could mention either of the two big ones on here or not, so I just refrained, but you and another person have mentioned them, so that's good =)

You are right, there are many variables that go into credit scores; too many to mention in one post, plus I don't know all of them, as some are "secret".

@Russell Brazil I was going to state that site too, but I wasn't sure if we could list it here!

@James ClomanThe good thing is that FICO/Credit scores don't have a "memory" so to speak. That means, even if your score takes a hit for one or two months, if you have, say a DTI that is at a high 85% because of the properties you've gotten, and the debt you've secured, but over the course of two to three months you significantly reduce that debt, and get to under 30%, your credit scores will rebound and go back up. An example may be that you may have a credit card that has a 20k limit, and for one month, you have to use 19k of that to do buy some rehab materials. Your credit will take a significant hit, because it will show you are using 95% of your credit. Your score will drop; however, if you pay that off by the next billing cycle (before your statement cuts), it will report to the credit reporting agencies back to your 0 balance, thus increasing your credit score back up.

In your situation, depending on how fast you can get your DTI back under a certain %, then your scores will rebound. It's hard to say they'll go up by the exact amount of points that you lost, because there are various factors that come into play with your credit score, and each are weighted differently. Credit card info is based on payment history and % of usage and are about 35% of your credit score, which is a lot. Your average age of accounts is a pretty significant % of your credit score (which means if you had two credit cards and your average age of accounts was 8 years, but then you apply for 4 new credit cards today, your average age of accounts will take a hit thus causing a drop in your credit score too).

All of these things are strange algorithms that credit reporting agencies use to create your score. So, the number of inquiries you have on your credit report; average age of accounts; amount of debt, as well as your on time payment history, and % of credit that you are utilizing at any given time, are all factors that are taken into account. Also, closed end debts like car loans or installment loans are factored a bit differently than credit cards, which are open-ended credit products, but are still a part of of your overall credit score.

There are some good websites out there that assist people with understanding credit. They are free, and you can ask questions that are specific to your situation. As with anything though, when it's an open forum you do have to vet the information you receive, as it all isn't good...my .02.

Good luck!

@Donald TaiteWhat are you looking for specifically? Are you looking to simply be an investor or be involved in the day-to-day business operations of running the hotel as well as being an investor? Starting one from the ground up, or buy an existing property that is for sale? Are you looking in a specific region? I'm assuming since you are in VA, you are looking there; however, I could be wrong, you could be open to anywhere.