All Forum Posts by: Vinny Gaines

Just figured to share what happened to me...

I had to decline submitting an offer with an agent today because I felt the margin was too close. I wanted to badly put this deal in contract today as my first deal but couldnt.

Although I'm putting zero into the deal financially, I am putting in the sweat labor of finding a good deal. 

I found a deal that I thought was good at one point however because of a miscalculated rehab cost by the realtor in comparison to the true rehab estimate by the gc's, the margins became closer than I felt comfortable with for my partners money. 

I told her that I would treat her money as my own and we agreed to the points of bowing out of the deal. I explained our position to the realtor and gc's ..all was good.............on to the next one...got 2 lined up!! Theres always another deal.

Thanks to all for your input, I can see the HML point of view quite clearly.

I was under the impression that hard money lenders lend on the basis of the actual deal..I've seen so many advertise that personal credit wasn't a factor. I'm very leery about letting companies run credit especially when I didnt think that my credit wasnt a factor on a deal.  

I'm looking for a hard money lender and I am being asked to provide all of my financials and credit for a 'pre approval'...I'm confused...why would there be a pre approval without a deal being submitted? and why am I being asked for so much?

Hey Kent..congratulations on those steps!!

I myself took those same steps over the weekend. I too found boarded up homes, located the owners addresses and just sent out letters to them in the mail. 

The system is generally the same all over the nation....action makes it happen

From what I know about business credit...and this is something that I do regularly, your credit report will only reflect the inquiries made when applying for the business loan. HOWEVER, you really have to know which banks to go to because some of them will add the business tradeline to a consumer credit report. BOA is a good bank that keeps business transactions and credit away from the PG's personal file. 

I'm in the middle of handling a transaction now that will allow a 700+ credit prospect to acquire up to 200k in business financing. 

Oh....a technique that I often share with some of my clients that have good credit, is to transfer their consumer debt from their personal file over to a new business. It's easy to do and will lower your personal DTI .

Interesting..I too am looking for a credit partner to put into a company and qualify for business lines of unsecured credit. Only the inquiry shows up on the report as long as no default exists. Going to use the unsecured lines to invest in properties

Its no wonder you didnt get a reply.

I'm confused as to why anyone would want to sell so many. 

Nice to have you back!!

I think that as humans we are all likely to have lost focus on something or another at sometime in our lives..now that your back, feed that interest by acquiring as much information as you can in the form of literature, while pushing yourself to move forward with real life experiences. 

and have fun doing it!!