All Forum Posts by: Account Closed

@Courtney Kimbrough credit cards, both business & personal

Lowes & Home Depot etc accounts to fund refurb

( ideally business accounts, they don’t report to personal credit)

Im sure many of us have read all the warnings and reviews of buying low price properties, and the problems typically associated with them, but all that considered, it is what first attracts a lot of people , indeed this is the only path available to some, its a start, so lets explore whats real and possible.........

lets use Detroit, Cleveland, Michigan and Indianapolis as examples where possible ,and set a ceiling of $30k

Personally i dont see the return on higher priced properties attractive enough to invest $80 to $120k plus, and before anyone starts preaching about the pitfalls, ive done this before, over 30 properties over 20 years, just in another country, low cost houses in deprived areas, i know what can go wrong.

The first attraction here is the low cost, funding with personal loans and credit cards etc,  is possible, and with high returns , quickly repaid, whereas a large mortgage is on your credit file for years, and has to impact further borrowing, and cannot easily be cleared temporarily in the same way credit cards can, if your credit needs a boost !

How easy is it to get a portfolio of say 3 x $30k properties you own outright (wherever the funds came from !) and then refinance into one loan after 6 months or a year ?........and then repeat this process ?

This is more attainable for a lot of people surely ?

So, anyone with a similar train of thought ?, anyone already doing this ?, any input would help........

It seems the most common low cost turnkey properties are in,

Cleveland, Detroit, Memphis & Indianapolis

Which has the lowest taxes ?

Which has the greatest potential for increase in value ?

Which has the biggest selection of property types ?

Which one is your preference and why ?

Would anyone care to add another city to the list ?

Let’s add another 100 of these types of reply, or 1000........

No more, please no more.....I feel sick like when you have eaten too much chocolate cake....

With all these heart warming and clearly sincere replies it sounds like this must be the best company of all time, ever......

@Jeffrey B Scott

So you get a squeaky clean client who passes all the checks and pays monthly, the day after he signs your year lease his wife leaves him, he hits the bottle and loses his job.....and don’t tell me this can’t happen

$12k up front is a gift horse , structure the legalities so you can use the money, if your lawyer says it can’t be done, find a new lawyer !

There is lots of good advice on this site from very experienced straight talking intelligent folk, but there is also a lot of bluster from people who think they reinvented the wheel.....they didn’t,

Buying and selling has been around since Roman times....

It’s common practice in Europe to pay 6 months in advance, I’ve done it to avoid another credit inquiry

You are in the business of renting property out for money, his money is as good as anyone’s, and you have it all now !!!!

My perfect client today can become tenant from hell in hours

Can anyone clarify if these cards they have actually received are from mainstream banks ? The big 5 so to speak ?

Or is there some super special secret list of banks only these companies have access to ?

It’s easy to get a CLI on your existing accounts, it’s easy to see which banks you are prequalified for cards with

With a little research and timing you can build credit both personal and business yourself

The only part of this service they offer is they allude to getting you higher limits than you can get doing it yourself.....

My question is ....how ?

Your business and personal profiles are used to apply, so what magic dust do they sprinkle on your application that gets you $20k rather that $5k start limits ????

@Roger Steciak that saying always makes me grin....

A bank manager will lend you his umbrella, but will want it back the minute it starts raining.....