All Forum Posts by: Liam Ritter

First question would be do you have money just in case or are you leveraging everything? I don't think it'd be good to use leverage as a DP then get a loan. If you are going to use the business line of credit I would do a flip or BRRR. That way you can pay back the line of credit and reuse it. 18 months seems like awhile but anything can happen in that span of time

I do have some cashes around 60k just for protection. Was thinking of buying turn key property with paying all money from credit card but I guess BRRR could be done better. So I guess when I do BRRR, once I get refinanced, I pat off the debt from credit card and re-do BRRR I guess? Is this what you meant?

0 Votes

Got $100k business line of credit with 710 credit score to buy some more properties.

Do you think it is better idea to buy a rental house (worth $70k) with the credit card paying all? Or do downpayment 20% with it (approx. $14k) and get a DSCR for 80% to close?

APR 0% for 18months

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Quote from @Erik Estrada:

Quote from @Liam Ritter:

Or is it depending on which lenders?

Looking for a lender who can go with 1 credit line.

Hey Liam,

For how long of a history have you had this credit line?

One and 6 months. (Aka 1.5 year)

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Or is it depending on which lenders?

Looking for a lender who can go with 1 credit line.

3 Votes

Quote from @Chris Seveney:

@Liam Ritter

You can look for someone to lend but most do not finance 100% as it’s just considered unsecured

You can look to bring on an equity partner

My bigger concern is if you have no money why for down payment then you don’t have any funds to repair the property or cover the cost during vacancy. When these situations occur they typically do not end well.

I do have $30k for that just in case. But I want to minimize the downpayment to utilize my cash for better purposes like making a bigger portfolio.

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I'm trying to do no downpayment buy and hold. And I need a private lender who can cover my downpayment which is around 20k. SFH. 741 Credit Score. It will be DSCR loan to purchase besides down payment.

one buy and hold, one fix and flip experiences!

1 Vote

All Forum Posts by: Liam Ritter

Liam Ritter has started 3 posts and replied 6 times.

Post: Got an unsecured business line of credit

Post: Got an unsecured business line of credit

Post: Do I need 3 credit lines for DSCR?

Post: Do I need 3 credit lines for DSCR?

Post: Any lenders do this?

Post: Any lenders do this?