All Forum Posts by: Tim Buckingham

@Kevin Keck, I'm a novice user as well but I'm wondering if skip tracing would produce better results (plus depending what type of trace you do you can get email addresses for people you're targeting).

@Greg Scott,

Sorry if I miscommunicated but I don't know anyone that has successfully gotten a business loan or business line of credit for "real investor companies". I have however gotten business loans (American Express) by building a relationship with them (first a business charge card, a business loan, and then business credit card) over a four year period. That is until I stopped paying the state annual fees to keep my LLC active.

I'm not familiar with the courses that were teaching the technique you used but I have seen this work so I'll be going a similar route. Sorry for the crude drawing but I just threw it up in Visio in like five minutes :)

I'd like to chime in here and I think forming the LLC is worthwhile if thinking long term for my situation. I believe COVID-19 with have the same impact as the 2008 recession in a few years (lets say 24 months).

In my opinion this is a good time to create a LLC so in two years its aged which is a good criteria for business lending (two years of creation). Combined with other factors this can lead to business lines of credit and business loans so you don't have to leverage your personal credit (I should note that banks don't like lending to real estate based entities due to their high risk nature).

Not sure what state you're located in but the costs with forming and keeping an LLC can be costly. For example I have formed in Maryland where I'm a resident and on average it costs about $350 to have someone like IncFile register plus I'll need to pay the state $300 annually to keep it active plus money for a registered agent.

I just started using Propstream but have not attempted direct mail. Question, are you sending to the addresses listed on file for the property or are you going a step further and using PropStream's Skip Tracing to get more accurate results? 

I'd be willing to answer some questions.

@Froilan Halili, I received cards from five different companies and for the most part it took around two full weeks to receive the cards. With the exception of one of the companies the approvals and increasing were very quick (a few days after F&G submitted).

I can't compare to Flipster but I have been using Propstream for a few months and so far I have found value in it. You have to pay for skip tracing but I fee the costs a fair price.

Two cons I have are the lack of videos/documentation on the full use of the product and they only offer email support M-F and it can take over a business day for them to response.

@Mitch Wittman, that makes sense. Also, just keep in mine that those funds you deposit to your bank account needed to be seasoned for 60+ days (my lender asked for two bank statements).

Edit: since its a full purchase then the seasoning most likely would not matter since you're not dealing with the bank. 

At least a few forum members have used the Plastiq method to purchase the entire property but to me there are some important factors. For example how much is the full purchase of the property you're looking to buy? What would be the minimum credit card payment with 0% and the APR after the introductory offer if you can't refinance in six months?

You mentioned using your 401K for rehab but how about using that for a down payment on the property and then using your credit cards for rehab costs?

Besides acquiring my first investment property, one of my goals for 2020 is to start networking more so I can gain additional knowledge and possible find someone with the same mindset to JV a deal with.

I currently live in Pasadena, MD and work in Beltsville, MD and I see that MAREIA may be a good fit and the group seems pretty active but do any current/past members have any feedback as its a paid membership and I want to make sure there is value in it (most likely my wife and I would attend so we'd be looking at the couples rate)?

Any other local meetups I should check out?