All Forum Posts by: Kyle Surprenant

After nearly a year (10months) I would like to start earning some credit for my business which contains one cash flowing rental and about 60K in equity. As a result I first thought to get a secured credit card for the business. (It is an LLC with a business checking account and the works) I have an excellent credit score and wanting to do things the right way (not to mention I am drooling at the idea of owning a separate entity with its own credit score separate from my own) I have made some attempts to find a secured card my business can obtain without the use of my own social security number. Does anyone have any tips on this?? I have been googling for a couple days and been making calls to credit card companies, none of whom can help me.

one card I did find was the BBVA compass card. This card is supposedly one that would work for me however you have to apply in person and they only have branches in the south. (Texas florida) I am taking a vacation down south in feb. and would gladly apply. (you must apply in person) However I am hoping for a better option. 

@Tom S. Hey thanks,  nothing wrong with making a few calls and trips to lenders. Appreciate the advice!

Hey @Tom S. I was recently working with a credit union to get a conventional loan. That deal fell apart when the sell refused to close. That issue is neither here nor there but my point is that I am comfortable working with these kinds of entities. Currently I have one rental which is doing well. It is stored in an LLC and has accrued some equity. At this time I live with my brothers for free. Because of this I have no debt in the eyes of banks. (its a lot to explain but the rental was quick claimed into my LLC but the mortgage is not in my name) My credit score is 745.

Would a credit union or portfolio lender consider giving a person like me a commercial loan if the income from my rental has not been reported on taxes because it is only 10 months old and I intend to use my next property as sort of a live-in-flip-rent? 

Thanks!

You know what I just found out that Citizens Bank is offering 50k personal loans. I wrongly assumed that after learning Chase offers no personal loans and PNC only offers up to 35k that most big banks would not offer them. Looks like they are easier to find then I thought. Time to look for deals

Yeah the ARV will be about 95k. I hadn't thought about getting a commercial loan. This will only be my second property. The first I have only had for a year and had gained about 30K in equity. However that equity is mostly due to a large uptick in the market which I bought it in.

Hey All, 

I'm looking to move to a nicer area and hope to turn the next SFH I purchase into a rental. Due to this I already target certain homes in terms of square footage and bedrooms ect. Anyways some of my best options in the area are houses that are failed remodels. People bought them, removed the kitchen and bathroom and quit for whatever reason. These home could be purchased at a price that makes sense for be but I would need all cash because you can't get a conventional loan on that type of property. Due to this my first thought was to get a personal loan. However I would need about 50k in conjunction with the cash I already have. Sadly most of the personal loans I am seeing from large banks are only for a max of 35K. Is it possible to just get 2 of these loans or are there other lenders I need to look at. Any additional options I should consider? Thanks!