All Forum Posts by: John H. Hill Jr.

@Brandi Graham I'm just now starting out myself and I can tell you for sure that is entirely too much for our levels. I have already wasted money myself trusting that someone knew more than I do. Tell you what, for a fellow Chaparral how about I try to throw you as much knowledge as I know for free. P.S. I'm still sad to see they shut us down.

I'll message you a little later. It's cool seeing a familiar face in here.

@Wayne Brooks if I'm not mistaken, many vendors credit tactics don't ask for personal guarantees. I'm not 100% sure, but I believe it's one of the only ways to start building business credit without using my SSN. What say you?

Hello BP,

Today I'm going to apply for my EIN and before I start working on building business credit I would appreciate help on doing so smartly. I understand there is a lot to this process, and it will take patience.

What I'm specifically seeking is feedback on is if I should build business credit using my SSN along with my EIN, or should I avoid using my SSN for any and all lines of credit?

My personal credit is excellent, so that isn't my concern. It's more about keeping my personal credit and business credit separate. I feel like I've read in a book somewhere that when applying for business credit, avoid using my SSN.

Any other tips outside of this specific topic is highly welcomed. Thank you in advance...

@Jessop got it. That helps me understand it a lot better thank you! It's the foreclosure process that stops the buyer from being responsible for the second upon completion of auction/sale. Prior to that, the only way to insure it will not fall on the buyer is to make sure it's stated in the conditions of the sale, and that it's protected like @Chris was saying by title insurance.

I appreciate the feedback guys. Thank you!

@Chris This is what I mean though, I'm referring specifically to seconds on a property. There are for certain other things that can come back to bite into an investor's would be profits that may not be so obvious. While I do agree that title insurance is a must, and even running a title search before purchasing, I'm still stuck wondering in which situations are buyers responsible for paying off the second on a property. Getting title insurance is not what clears the buyer from having to pay off the second.

Hello BP family!

Okay so Google, nor the internet thus far has been my friend. Can someone please explain to me who is responsible for paying the second mortgage if I purchased a home that has a second mortgage on it against the previous owner? I believe I understand it as if the home is sold in a traditional manner or as an REO, the second mortgage is not my concern. However, what happens when it's a trustee sale/auction (first mortgage) when there are insufficient funds to pay the second? What happens if it's a short sale, or even a pre-foreclosure. Nothing I'm reading online talks about the buyer. Only the previous owner how has taken out a second on their home.

Thank you in advance!

Another reason I'm on this road to financial freedom. Working out of town Tuesday through Thursday every week has me missing out on these types of events all the time. I am going to try to have my better half attend for me now that she's becoming more passionate about adding more rental properties under our belt. Thank you for the invite, and I hope some other opportunity comes around so that I can meet more here in Las Vegas that share a common goal.