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Going for quality over quantity myself. :beer: :D

It fluctuates but currently- 7. 3 townhouses, 4 SFH-- all in Aurora / Naperville, IL

Aurora, IL

Not just an authorized card user. You have to be added as a responsible party.

Beyond a shadow of a doubt the best and most complete real estate investment software available is Profit Tiger Pro. http://www.profittigerpro.com

Their website (an obvious template) really doesn't do them justice. This thing is the shiznit.

Actually, that last post goes to a larger point: Make offers.

I'm certainly not telling you to ignore the seller's needs, but when it comes to asking price, I never get too worked up about it-- nor do I fret "insulting" the seller with an offer- bank, or other (In most cases, they insulted me first :D anyway!)

It helps that I've done some REOs and closed them- but if you can present an offer to the bank that gives them a comfort level that you can close- you don't have to fear making an offer that's fair to you.

Let's face it- the bank has already screwed up on the loan. They're hardly in a position once they've had to foreclose on their non-performing note to dictate to us as investors what is and what shall be.

That's because they are on the MLS :wink:

Make offers.

Call realtors and ask for the agent that handles REOs. Get a list of properties from local banks-- see who the agents are. They usually give these out for the asking.

That's actually a great tactic to instantly improve your credit. You don't even have to borrow money- you can simply have someone with great credit make you a "responsible party" (responsible party is key- not simply a "card user") on one of their accounts. You instantly get that account reported on your credit-- INCLUDING the length of credit history. So, if your mom or dad (for example) have a great, LONG credit history- you can get credit, pardon the pun, for it. It's also a great way for those of you who have good credit to gift good credit to your children.

Well, at the risk of stating the obvious- the fastest way to establish business credit is to establish a business. You should sit down with a professional and discuss which entity is right for your business. I have my own opinions on the subject and use an LLC, but for a variety of reasons what works for me may not work for you.

It's my opinion that an S-Corp is just this side of a sole proprietorship in terms of establishing business credit. It's the small time, and to use the Kiyosaki terminology "S Quadrant" person's business. It's the do it all, keep it small, and keep it all kind of lone-ranger entreprenuer's entity.

I use a C-Corp as a marketing/servicing corporation. The first $50K in a C Corp is taxed at just 15%, it allows for retained earnings vs. "pass through", can own other corporations, and offers the ability to have a "Cafeteria" plan- that is, you can (provided you meet all the requirements-- namely offering the SAME package to ALL employees-- again, see your tax / legal professional) pay for things like your health club membership, an automobile lease, and other benefits with pre-tax dollars.

I use separate LLC's for buy and hold, and quick-turn or "Dealer" properties to avoid the risk of the IRS calling ALL my properties "dealer" properties.

Rule of thumb you're going to need two years of business history (at least be established for two years) to start applying for business credit-- but depending on the credit worthiness of the owners, or a collateral, etc. you may be able to get a line of credit sooner.

From Credit Repair to Credit Millionaire describes this in detail, and a guy named Tom Kish has a good product on this, too. He recommends using multiple entities, and multiple small lines of credit. That is, if you have 5 LLCs, each with a $10K line of credit- you now have $50K to work with in total.

I'll warn you this though- if you get on his e-mail list you're going to get like 5 e-mails a day. Not sure why he thinks this is necessary (or effective) but he does it.