All Forum Posts by: Danny R.

There are still ways to get business credit without a personal guarantor. You need to obtain an EIN for your business from the IRS. Make sure your business is listed incl. address and phone in the yellow pages and other directories.

The largest company for business credit reports is Dun and Bradstreet (DnB). Obtain a DnB account number free of charge by visiting: https://iupdate.dnb.com/iUpdate/companylookup.htm
It is completely free to obtain this number, though they might try to sell you one of their credit builder packages.

Start by establishing trade lines, e.g. 'Net30' accounts from companies like Grainger, Gemplers, Quill, Wright Express or Global Industrial. You basically place order with those companies, but instead of paying in advance you ask them to bill you (you usually have 30 days, hence the description 'Net30'). Make sure to pay off those invoices as soon as they come in. The companies will report to DnB and as soon as you have three references in your credit file DnB will generate a 'paydex' score.

Once your company has a paydex score and has been in business for at least three years you can apply for unsecured credit cards like Staples, Office Depot, Home Depot, Lowes etc. If you take a look at theit business credit applications (all underwritten by CitiFinancial) you'll notice that they only require a personal guarantor if the company has been in business for fewer than three years.

Experian as well as Equifax both offer business credit reports as well, however DnBn is being used most often.

I hope that helps.

Nicely done. Keep us posted :-)

Dropbox is the way to go!

Thanks for sharing, Phil. Very helpful!

If you own your home outright you can certainly access that equity via a line of credit.

Why not take advantage of low interest rates and finance your home? Or better: Use the cash you have and buy 3,4 or 10 investment properties.

Thanks for the quick response Jon.

The park is actually a very popular and well-maintained country club with golf course, which was first opened in 1972. It seems that more than 2/3 of the homes were built prior to '76. I have not had a chance to take a look at the inside , but from what I can tell the mobile home has been well taken care of.

A lease option where the tenant takes care of the maintance seem to make most sense then I guess - given the fact that the new HUD safe act makes it difficult / almost impossible to offer seller financing.

Hi everyone,

I'm new to mobile home investing and I would like to get your opinion on purchasing mobile homes that were built before the HUD passed the manufactured housing standards in 1976.

The three possible outcomes for my first deal I see as either flipping the home, renting it out or financing the property as a 'lonnie deal'.

While I would feel comfortable flipping a pre-HUD home (as long as it passes an inspection) I'm not sure about holding on to a property that was built prior to 1976.

What are your thoughts?

I believe this question has been asked before and Eddie Ziv replied with two different sources for sample executive summaries.

Thanks for the tip. I will definitely check out our local 're-store'.

A home depot account is a line of credit backed by Citibank. Dun & Bradstreet is a provider/collector of credit information for businesses (the equivalent to TransUnion, Equifax and Experian - credit bureaus that collect your personal credit information). When you apply for a business line of credit with Home Depot for example, Citibank will check your credit file with Dun & Bradstreet.

While it is true that a good credit history will most likely allow you to get unsecured business credit (therefore not personal guaranteed), I think the chances of getting a mortgage or a line of credit for investment properties is very slim in the current climate. Your best bet would be a smaller, local bank. Do all your business banking through them to establish a relationship and maybe they will issue you a line of credit at some point in the future.