All Forum Posts by: Reece O.

Hello, I have been wanting to come to this meet! May 19th, when and where? Thanks.

Hello, From what I understand you pay no charge to register as a sole proprietor with the IRS. I have decided against using the service I was referring to originally. Statistics just do not seem to add up to be legitimate. Seeking other alternatives like Epic Fast Funding or Seed Capital. Can anyone confirm that I could acquire business credit with a good personal credit history and low income?

Hi again, I am also unsure how to utilize a CPN, can you expand on this?

Hello, Thanks everyone for the replies! Yes, I know to watch out for scammers. I do not believe this is one. Seems trustworthy and no upfront fees. I know I have to have an exit strategy. I have a few ideas and I would like to run this one by you all: Business Line - $50k I purchase a property at $50k and its valued at $65k. I currently own a SFH worth $95k and owe $55k. After purchasing the $65k property I take out a HELOC (80% LTV) and pay off my SFH with the $52k. I now have $95k in equity in my SFH and take out a HELOC and have $76k. The $76k will pay off my business line and $26k on the first HELOC which would now leave me with a business line of $50k again and $26k free on one of my HELOC's. At this point, I will have my cash flow from two properties and my disability ($325) without including my LOC's to leverage toward another property. A third cash flowing property would make it easier to pay my HELOC's off, but I could handle the interest and payments without a 3rd. This is excluding the $50k/$26k LOC I would have available for use if needed. Ideas and opinions? All cash flow I aquire will be used toward REI. I'm determined to make this work... and I will! With most investors, if they fail they can resort to a blue collar job. I'm blind, that isn't so easy. So I was correct in that my low income would not be a factor with the business line? Also, I'd love that information Shawn. However, I can't PM; I believe it's a Pro feature or isn't available on the BP app. Thanks for any help or insight BP!

Hello, I have been searching for a solution to financing with a low, fixed income (disability) and I am wondering if this will work. After a lot of research I have found a consultant that specializes in lines of credit for business entities (including sole proprietorships) that can include startups with no business credit history. They base your approval on a strong personal credit history and offer 0% APY for 12 billing cycles. I am considering registering a sole propriotorship, applying for funding, getting the credit and using it to BRRR. Will this work? I am under the impression that this will prevent my income being a factor, is this correct? Thanks in advance for any input!

Hello Jonathan, Welcome to BP! Good luck in REI.

Hello, No problem! Personally, The Richest Man in Babylon is my favorite. I read it every few weeks. Here's some more for you: -The Pitch -Unfair Advantage -Don't Sweat the Small Stuff, and it's All Small Stuff -Retire Young, Retire Rich -How to Win Friends and Influence People -Why We Want You to be Rich -Outwitting the Devil Enjoy! Let me know how you like the suggestions.

Hello Tanya, That's fantastic! I only own one SFH, but I am planning on seller financing being my introduction to MFH. How is it the agent makes commission on this transaction? I would also like to know the site you used if you do not mind to share. Thank you!

Hello Tanya, Congratulations on the deal! I am also curious of how you found the deal. Any issues convincing the seller of seller financing?

Hello, It is customary in my area for the tenant to maintain all landscaping.