All Forum Posts by: Gall Davidovitch

how do you get a BLOC ; i have an llc but it is for my software business ; i see some revenue requirements on some banks like AMEX

Thanks @Stuart Udis! I think Gall was saying that she uses a business line of credit for the rehab portion, not the downpayment. If I'm looking to buy a property in Brewerytown (let's say) that I'll purchase for say 125K and it needs a 50K rehab, that's (50K rehab, 24k is 20% + 10K closing costs) 84K I would need to bring to the table in cash. Unfortunately, I don't have 84K to spend. I think in this case, in order to get creative, wouldn't the hard money lender & then refi be the most creative way to make this work? Otherwise, I'm unable to get a seat at the table and invest. I do agree that in a perfect world, I'd have the liquidity. Curious on your thoughts? 

Hi @Gall Davidovitch, Thanks so much for taking the time to respond. Do you have any recommendations for finding a hard money lender who will work with a first time investor? I know I can look on bigger pockets as well. Creative idea to use the BLOC for rehab. I assume you do that for the 0% APR, I'm curious if someone just starting out could get that. Do you buy all your properties under a LLC?

@Gall Davidovitch, that is a nice set of financial tools that you have.  What can you tell me about getting a BLOC? Did you use a big bank or a community one?  Did you tell the bank what you use the funds for?  I haven’t applied for one yet, but have a couple of LLCs.  Thanks~