All Forum Posts by: Greg B.

@Nikolette Dwyer

@Nikolette Dwyer

Hellooooooo fellow Syracusian!!! (I think that's what we are, idk, lol)

I'm a future investor in this City of Deals. My plan is the same as yours; purchase owner occupied multi. I've owned a rental before also owner occupied but life put a hold on that. Now, I plan on getting back in the game not as a way to only save money but to build wealth for my little family and build a name for my future family members.

We live in a great market for real estate, below national average prop values but average and sometimes above average rents. I'm in the process of building my team and nailing down my plan to succeed. My advice, which is limited, is to learn all you can, find that way to start, whether in multis, flips, B&H SFR, etc etc, and devote a good amount of time becoming a non-active expert in that area. At least that's part of my plan. I figure by the time I'm ready to jump in (fall 2014) I'll have my financial house in order, money dedicated to investing only, and any other funding sources I may need.

Again, good luck and Welcome to BP

@Nicole A. That's a great idea, applying multiple times all and once AND getting cards for your LLC

Thanks again

@Nicole A. Thanks for the information. I'm trying to get what I think is the most difficult things for me as a beginner, financing. Thank you for the chat. Also, I don't mind the secured to an asset either.

@Bill Gulley I understand the definitions of loans, maybe I need to learn to be a little more clear in my headings lol. The reason I put both the unsecured and the HELCO in the heading is because I'm asking about the HELCO when I have very little equity in my personal home. 120k for 30k? Guess I'll have to get 15k from 2 banks. oh well. Thanks for the reply

the thing about loans is I don't want to pay on something I might not use for 6 months. The credit card thing i feel is similar to a line of credit but a heck of a lot more expensive.

In my area or the area within my area I want to invest in a line of roughly 30k or so would be perfect. I'm just looking for ways to approach my local bank. Not sure how much they look it to the application as far as use like a mortgage app.

Hello folks:

I'll putting together my pan of attack and I'm thinking about different ways to finance deals when coach puts me in the game.

Since banks don't really like giving unsecured lines to investors how do you approach them when applying?

If you own a primary residence and you have a 80% LTV can you still get a line against the small amount of equity you have?

Thanks

Take this with a grain...

Personally I'd go with the line. Why take a $60k loan if you come across a property that you would only need say $25k. Now you're only paying on the $25k instead of the 60. Plus you have the additional $35k that you're not paying on to find another or hang on to if something goes south. Good luck!

Can you use it to drive down the asking price? If it's an issue bring it to the attention of the Realtor/seller. Get a quote from a contractor even if you're going to do the work on your own. Just my thoughts

@Steve Babiak I've never bought one lol but I know a few people who have and I find them to be the biggest waste of money. Everything in them you can get for free, like right here!

@Account Closed $100k was a random number, in my area a $25k line would be a big deal and a career accelerator! I'm continuing my pursuit of the perfect credit score and will grab lines, cards, privates, hard money along the way.

I hope to have my first 4-fam by the fall and I'm pretty sure most of the credit will go to you guys. I won't split the profits with ya but you guys aren't here for my money lol. Thanks again!

Thanks for the reply. I've been on this site for a bit mainly trying to weed out the BS I've been taught by the gurus

By the end of the summer I should have all 3 of my credit scores above 800. How likely is it to obtain AT LEAST $100k in unsecured lines? Is there a path, a step by step to gaining credit lines? I'm not worried about personal guarantees and what not.

Thoughts, comments, criticisms.