All Forum Posts by: Daniel Rutledge

I am planning a few refinances and want my ducks in a row. I have two questions on how conventional banks calculate DTI. First question is will they count W2 income from gross or adjusted gross from tax documents? For example, my last two years of w2 income average avout 110k but when doing taxes my adjusted gross is 92k.

Second question is how much income will be counted from real estate rental income? I have mortgages on each property and on paper I count a loss but if the depreciation is removed then their is income to count. Will they count the amount left after removing depreciation?

0 Votes

I believe it was six months. Its been a while ago now. I never had any inquires removed.

Originally posted by @Shadonna N.:

Originally posted by @Daniel Rutledge:

Im getting ready for a second round which was delayed because the company i used to assist in the inquiry removal failed to get anything removed. I had to wait for all inquiries to season before going for round 2.

How long did it take for the inquiries to season.

0 Votes

Some cards they utilize will show on your report but they tell you this before applying for them. I had one card that was tied to my personal report and forgot. I quickly remembered when i maxed it out and lost 60 points right before i pulled a HELOC.

Originally posted by @Steve Juba:

Right but hard inquiries only effect 5-10 points max and as many as you can apply for within 30 days. You mentioned losing 100 pts because you were using the credit lines and utilization was knocking it down. These are business cards tied to LLC/EIN #, NOT your social so they should not effect your score when pulling out cash as long as its paid on time.

Did I misunderstand you or are you getting these cards under your social sec. for some reason? They use your personal score as a personal guarantee but it doesn't effect your personal score in terms of using the cards....

Originally posted by @Account Closed:

Yes correct, any new LLC finance is dependent on your personal score and will involve personal hard inquiries, but they stay on file 2 years not 3, and only affect the score for 1

1 Vote

0 Votes

After working my way through taxes this year that involved a few properties and a rehab I realize i need a better way to do book keeping during the year. There are different things out there but im mostly interested in what real estate investors specifically are using. I would like something that helps categorize transactions for rehabs to make end of year accounting easier. I would also like something that can create spreadsheets for each property with roi and such as well as build a PnL. Any suggestions.

0 Votes

You mentioned you are using lines of credit on the homes you have purchased. Are you referring to a HELOC? If so I'm interested in where you found a bank that would do a HELOC on investment properties.

Originally posted by @Justin Sheley:

@Nicholas Lawson

I ended up getting cards from US Bank, Chase, and American Express. I never did see the applications that were submitted on my behalf, and personally did find it a bit confusing about how exactly I was being represented after the fact. I already had a 25,000 personal credit card from Chase, so I was able to use that along side of the 29,000 I received through Fund and Grow.

I was supposed to remove the credit inquiries and do another round with Fund and Grow, but I never followed through with it.

Bottom line for me was that Fund and Grow supplied the money I needed for my first couple major BRRRR deals, but then things started to snowball after that. My banking and personal connections began to improve and I've been using lines of credit from the equity in the homes I've BRRRR'd. I pay a little more in interest but I've found it's a lot easier to access the funds for the purchasing of property.

I don’t think I used F&G to it’s full potential but it was great to get things rolling, and then I moved on.

1 Vote

Originally posted by @Michael Saberniak:

Okay, I do not read through all 20 pages of comments, buy why would anyone use this service with the high fees when you could apply for business cards on your own? US Bank has given me some pretty nice credit limits with only 3% transaction fee to get the 0% for 18 months. I would think in under an hour of study you could figure out what cards to apply for and get some nice signup bonuses.

Getting them in an LLC is much better but harder than getting them in your name. A maxed out card in your name crushes your credit score but has no impact if in a business name.

0 Votes

I'm interested if anyone has gotten larger amounts in round 2 over round 1. I'm getting ready for round 2.

0 Votes

Originally posted by @Julio Donayre:

Very curious about this company and the purchasing process. Are you able to transfer funds into your personal account to purchase through your personal name or does the property need to be purchased in your business entity in which the credit was sourced from? Does the credit extended have to cover the entire purchase price or can you extend the credit as a down payment and mortgage the remaining value? Any info would be greatly appreciated!!!

They are all credit cards so you need to convert them to cash. I converted a lot by buying and selling Gold.

1 Vote

Originally posted by @Maurice Colbert:

@Daniel Rutledge from fund and grow, they send you the document to get the inquires off and it works

They recommended Kadem Credit solutions so I've been paying them to do it. I'll ask for the form and work on it myself as well. Thanks

0 Votes

All Forum Posts by: Daniel Rutledge

Daniel Rutledge has started 18 posts and replied 87 times.

Post: Question about DTI and counting rental income

Post: Fund & Grow Financing

Post: Fund & Grow Financing

Post: Fund & Grow Financing

Post: Best accounting software for investors

Post: Fund & Grow Financing

Post: Fund & Grow Financing

Post: Fund & Grow Financing

Post: Fund & Grow Financing

Post: Fund & Grow Financing