All Forum Posts by: Simone Johnson

@Kevin Polite Thank you for taking the time to share this with me. I didn't know that they wouldn't lend to my LLC. I thought that I had to wait about two years before they would. I was hoping to open a few credit cards with the business account so I can have more access to capital in that way?

@Cody Richard Did you start your group and how is it going?

Hi!

When starting out, would it be better to get two business bank accounts (with credit cards) to increase your business credit and have access more money?

I’ve looked at Chase, Suntrust (Soon to be Truist after the BBT merger), Wells Fargo and BofA.

I’ve learned that I will need at least two years before I can apply for a business line of credit. I do have a healthy credit score and was wondering if I opened two accounts and applied for two cards on the same day, it would help me to have more access to my own capital.

Is this discouraged? Or has anyone ever done that to start?

Thanks.

What a great concise overview! I'm focused on East Point and Hapeville specifically and feel that the BRRR is going to be my best bet at this time. I honestly want to purchase two specific parcels and build on them. The only thing is both of them would only be zoned for single family. I want to build a multi family of course, but both of the subdivisions are actually okay to house hack in. I have been driving through there often to observe and research. Do you think it would be too much for my LLC to do as a newly formed company? Build two separate homes? I just bought David Green's BRRR book along with Millionare Real Estate Investor and a few others to help boost my knowledge, but I am not sure if that is too ambitious for a newbie. I don't even know how much it costs to build a house from scratch or how hard would it be to get a construction loan.

Hi Brandon! Thank you for taking the time to respond. I currently have a credit union in NY, but have one here that I can re join. I did get a chance to get some information from Wells Fargo along with a few others. When they clear my LLC, then I will open the account. I have signed up for Invest Atlanta Q& A to learn more about some of those incentives and I am eager to get all of my ducks lined up correctly. Thank you for the well wishes!

Hi Deborah! Thank you very much for responding to my post! I do have access to some private money, but I feel like it would be best to have some of my own. I am currently interested in one property that I would
be fine to live in to start. I just am not sure that it is the best deal to get the most from my first purchase and will have to look into this. I was even looking into possibly a 203k loan? And yes, I am definitely interested in commercial and have so much more to learn.

Residential REI is a must for me and I would welcome any advice or assistance and hope that I can add some value to your quests in the near future as well. :-D

Greetings all...

My name is Simone Johnson and I live in Atlanta, but I am from NYC.

I do not have any background in real estate even though it has been something that I wanted to invest in for the past 15 years. I did buy into a guru back in the early 2000's and lost a lot of money. It didn't take away my desire, but fear and getting caught up in life allowed it to go to the back burner.

I am in aviation and I do travel for about 3 days a week and I am ready to redirect my life path at this point. My mom is getting older and I would like to not have to worry about or struggle with her care down the line and I have family members that I would like to care for as well down the line.

I haven't quit honed in on my niche in real estate yet, but I am trying to make the best choice that I can. I am interested in buying and holding property for sure and find myself attracted to commercial real estate. I know that most people want to get into wholesaling and flipping and that interests me too and none of the not so good stories have scared me off. For 2020, I would like to acquire 5-10 properties to keep for rental income. I know that I am new, but I would like to purchase a large plot of land to develop on down the line (small multi unit homes with a storage facility and laundromat to be specific).

I came to BP in a quest for knowledge, partnership and community. I have a mentor who is in franchising and owns multiple businesses and properties. Fear has been the one thing holding me back from multiple opportunities in my life and they have been helping me by motivating me to just move and take action. So here I am.... I have been listening to the podcasts at BP incessantly and need to be online more.

I just applied for my LLC, received a EIN number and now need to open a bank account. I live in ATL and plan to invest here, but have not landed my first investment. I have 770+ credit scores and never purchased a home.

My mentor said that I need to immediately figure out my funding because I need to be ready to move when the opportunity comes as I have been looking at properties, trying to learn the language, getting familiar at the courthouse pulling deeds and finding the banks... I will open a bank account by next week, but just don't know which one yet. I was leaning towards Suntrust because they seem to have the largest lines of credit and I am looking for a bank to build a relationship with.

Any and all advice is welcome.

Thanks for reading my BiggerPockets talk. I am pumped for this journey ahead.