All Forum Posts by: Dee W.

Awesome and congrats! Been following this thread from start to finish as I’m looking to do the same in Memphis. Question was hard money, private, or conventional financing used in your project?

 I didn’t use a third party company 

If you have good personal credit, leverage it to get business credit with a personal guarantee. Most cards like Amex and Chase that have 0% interest  introductory offers from 6-15 months which allow you to purchase rehab and refinance within that timeframe.  You can also consider business credit without a personal guarantee. I have a cash line of credit that did not require my social. 

Yes it’s possible. It’s stated\projected income. The sweet spot is that most business lines of credit offer initial 0% interest as well. None require upfront fees. Be careful using third party companies that charge a % of what’s funded. Need 680+ to qualify.

You wouldn’t use a cash advance. Interest is too high. Instead you would convert the credit into cash.

Use a business line of credit instead. 0% interest for 6-18+ months and it doesn’t show up on your personal credit reports (unless you default). 

Makes perfect sense. You’re just shifting money around using a line of credit to “chunk” payments towards the principal of the debt which eliminates interest. There’s more to it than just “making extra payments.” Once you make extra payments that money is gone as opposed to rebuilding a revolving line of credit to chunk towards the debt again and again.

Personal lines will mess up your utilization which accounts for 30% of your personal credit scores. You’d do better applying for business lines with that credit score which don’t show up on your personal credit reports (unless you default). Might not be a bad idea to look into building corporate credit as well which doesn’t require a personal guarantee.

Use business credit cards with intro 0% interest for 6-18+ months. Only pay on what’s borrowed. When cash out refinance\sell, pay the debt back, rinse and repeat although you may need to obtain another 0 interest card to do so depending on how time is left.

 First things first. You’ll need good credit to apply. Typically 680+. Here’s a good place to start. https://www.creditcards.com/business/. Most offer a 0% introductory APR anywhere from 6-18+ months. That is what you will pair with your hard\private money. If you don't have good credit, you can build corporate credit while working on your personal credit. There limited sources of corporate cash credit available but they are out there. Ive secured a MasterCard solely based on my corporate credit reports without a personal guarantee that I use for my current credit management business.