All Forum Posts by: Reece O.

Hello, If you are wanting to boost your credit you may want to do these three things: 1. Fix negative credit 2. Create paths for good credit 3. Maintain good credit habits and remove the negative 1 - You want to get rid of collections or inquiries that will damage your credit score. You can dispute most of these online or by mail. Even if a collection is righteously owed you may be able to get a removal if they do not respond in a timely matter. Optionally, a credit repair service can do this for you. 2 - You need some positive credit being reported on you. Look into secured credit cards, shared loans or secured loans. 3 - You must create good habits. Pay all bills on time and never be late. Limit how many times you apply for credit to avoid a large amount of inquires that will hurt your credit score. If you get a credit card, secured or not, be sure to pay it off in full each month. I highly advise you to not go into any debt on a card that can't be paid off the next billing cycle. Keep your card utilization under 30 percent. This means only carry a balance of $300 on a $1,000 card. Lastly, always enable auto pay if it is offered.

Hello, While I cannot give you a specific bank that will do this for you I can answer your question. Yes, it is possible to get a HELOC on a non owner occupied investment property.

Hello, Just wanting to be clear as I'm unsure if we mean the same thing. I own Property A, I want to move into Property B that is a duplex. Property B, the duplex, has a vacant unit and one unit with a tenant paying $500/mo. Can I use 75 percent of the $500, equaling $375, to qualify for the loan and move into the vacant unit? I do not want to include Property A in the equation. I only want to include the current income of the property to qualify. Is this how it works? Thanks for the replies.

Hello, I have read when applying for a FHA loan you can use 75 percent of currently rented units for your income. Is this true? So if a duplex rented $500/unit, could I add $375 to my income? How is this affected if both units are rented? I assume I cannot use the $375 twice since I will have to occupy one of the units after closing. Can you do this only with FHA? Thanks!

Hello, I have heard when applying for business credit, such as a loan in the name of an LLC, that personal income isn't as much of a factor as much as your business and personal credit profile. Is this true? Can you get a business loan with strong personal credit but low personal income? If I want a business loan with good credit, low income and use my property as collateral? Thanks!

Hello, I am not yet in a position to fully use the benefits of an LLC. However, I do plan to use one in the future. Would it be wise to go ahead and set one up and start building business credit with a secured credit card? What would be the cost or ongoing fees to do so if the entity had no assets? Does an LLC that is aged have benefits over one newly created? Thanks!

Hello, Welcome to BP! Best of luck with REI. There is a meet planned for next Thursday in Louisville. If you plan to hold a separate one I recommend a weekend. Personally it is hard to attend during the week.

Hello, The answer is no. However, you definitely should start building credit. Look into credit building loans at your local credit union or try a secured credit card. I'm 20 and have a 700 credit score after having over one million in medical bills at age 18; thousands went into collections. Purchased my first property in February and working to secure a HELOC for the next as we speak! This could have been achieved with creative finance: but not with a conventional loan and more than likely not without a partner. Recommend these secured credit cards: -Citi -Discover (offers rewards) -Capital One Use automatic payments on the full balance and only utilize 30 percent of your card limit; 10 percent is optimal. This means $50 on a $500 card. The most important is to never miss a payment. PM me if you have any questions!

Hello, Absolutely you have enough! I got started with less then you have.

Hello, Welcome to BP! Good luck with your REI ventures. I understand you do not want to discuss your rental in Kentucky, but as an investor located here, I would like more information if you ever considered selling. Thanks.