All Forum Posts by: Dianne Russum

There is a process to getting business credit without a personal guarantee.  After registering the business with the state, getting an EIN, and then establishing a business bank account, you must start with tradelines that report to Dun and Bradstreet, Experian business and Equifax business. Gremplers and Seton no longer report. Most accounts are net 30. Some starter tradelines are Uline, Quill, Monopolize Your Marketplace.  Just google business credit.

When I first established my business I received credit with Home Depot -$4,500 - now at $8,000 and Office Depot - $600 and increased to $1,000 but with a personal guarantee and using my SSN. Lowes would not approve me.

Otherwise if you have a good personal credit (680-720) score you may be able to get a credit card that you personally guarantee, maybe starting with your bank. 

Thank you so much, Bernie Neyer. Seems right based upon what I read on the Maryland Register of Wills website regarding the process.

Thank you also RicK H., Althea Kenton, and Nina Davenport.

Biggerpockets members are awesome!

Thank you so much everyone everyone for taking time out of your busy day to respond so quickly!  The closing agent is an attorney.  I will talk to him. I do not have enough reserves to close on multiple properties, I would not want to wait for probate. I am appreciative of all of your response.

I was in the process of purchasing a house from a seller that inherited the house from her mother. I am working with a real estate agent who has been very good about keeping me informed and guiding me through the process. Real estate contracts have been signed on both sides, financing approved from hard money lender, I have received the HUD-1, Unfortunately, the day before closing, and just before I was going to wire the funds to the title company, the seller died.

I understand that the seller has one daughter who is still interested in selling the property.  I have been reading information in the Register of Wills for Maryland and have spoken to the title company, and other investors. The title company tells me that the daughter only has to get a death certificate and become the personal representative and the process should not take much time.

Others are telling me it may have to go through probate, this may be a very lengthy process and our contract is null and void since the owner died,  that I should contact the daugther directly. I can find no clause regarding successors and heirs in the real estate contract. I plan to talk to an attorney but would like to get some advice, suggestions, and input from the forum. Thank you and happy holidays everyone. 

Thanks for your comments John Whittle and Michael Noto.

Thank you so much for responding, David, and for the creative wisdom

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I would like to bid on properties at auction.  How can I use hard money to do this? 

One lender that I prequalifed with allows you to buy in a business name only, e.g, LLC. Some REOs only allow you to buy in a personal name, not business name. The lender says it has to be business name at closing. Can I do a transfer from personal to LLC before closing to accomplish this.