All Forum Posts by: Vinny Gaines

So my business partner had a pretty good morning. 

We ran her credit last night and found a 30 day late notice on her credit report. Needless to say she was a bit upset to see that there since it had dropped her credit score pretty significantly. Knowing that I do credit repair, she asked me to 'fix it' for her. 

When I reviewed her report I noticed that this account had been open for over 6 years and this was her first blemish. I told her "Call the creditor tomorrow (Express/ CBNA Bank) and ask them for  "goodwill forgiveness" and lets see what they say. If they don't grant the request I will "fix it". 

So she called the credit department and spoke to a very rude and unwilling agent, so she asked to speak to the supervisor. To make a long story short, the supervisor was more than happy to fulfill the request. More than happy!! The supervisor promised that  they will be sending out a letter which states that they will be removing the blemish within 30 days...NICE!!   WOW, lesson learned. 

Sometimes, if the cards call for it...you just gotta ask. Sometimes this method works by sending in a letter.

Hope you enjoyed.

@Karen Margrave thank you for that information. Greatly appreciated!! 

I tried to reply earlier but the servers were down.

Wow guys (and gals) thanks for your input. @Jason, I agree with you on your advice about professionalism. That is certainly something that I will seek and require. If their business ethics are 'screwy' they will likely do a 'screwy' job. I will absolutely take your advice and request 3 references that I will follow up with. Lots of good points, thanks so much.

@Joshua, I can appreciate an itemized spec sheet. That should really give me a clear understanding on where my money is being spent. Can you please provide me with a sample? Thank you for your assistance

@Ahmed I'm not convinced that I will be the GC on my first couple of projects because I lack the full knowledge of my position as a GC. I am prospecting for a GC, and will give you a call on Monday for a discussion. Thank you.

Hello,

I'm looking for one or 2 subcontractors that can handle my future rehab projects. What questions should I be asking them? How can I screen them? 

I'm trying to answer these questions so that I have some sort of form to follow.

Thanks BPers, I look forward to your suggestions. 

P.S. If anyone has a question about building corporate credit or personal credit, please ask me. I'm selling nothing..I'm just giving back the community the best way I know how right now...

As a Newbie, for me to make 2015 more successful than last year I have to humble myself to the better knowers, and learn from them. I will get out and network more so that I can take this business of real estate investment to the levels that I desire, I will surround myself with nothing but real estate investment information, education and people. 

If I had to sum it all up, 2015 will be a year of concentrated focus in this one area of business. 

Thanks for posing the question, it's a question that brings forth an actual exercise. 

Thank Mitch for the invite. 

Bill, it's definitely not a lead into a program, as I have no program to sell..(in fact I want to stay away from those programs)  I was just remembering these so called 'tycoons' that had informercials about buying and selling real estate back in the 80s. I guess you had to see these informercials..they were exciting. lol.

Anyway thank guys for the input

lol..hey Tom, my point was not to say that being paid to leave an auction is my strategy to invest in real estate..absolutely not..lol. I was just saying that I was infact paid to leave an auction and that such payment was an indicator that I should have stayed in the real estate investing business..thats all. Can you imagine if that was really an antic? lol..I would have a better chance winning lotto. Tom, I had only mentioned it as an interesting experience that I went through. nothing more. 

My investing approach is like yours and many within this forum...purchase discounted realestate, either from the foreclosure angle, estates, tax liens or other wise...buy and hold (or flip if the deals makes sense to flip). 

Anyway I appreciate you looking out for me with that sound advice...just know that I recognize that making money by being paid at an auction to leave is clearly a dumb idea. It just happened to me by accident in the Hamptons and I took the money and ran..thats all. 

Happy New Years to you too !!!

Hello BPers, I'm very new to this network and never even knew that such a powerful network existed. 

I first got interested in foreclosure real estate investing back in the 80s, when there was no internet. In fact the only way you knew about foreclosures was by going to the county clerk office and looking up the lis pendens records (In NY) or by subscribing to foreclosure magazines like Photo Foreclosures, where they would list the specs on a given pre-foreclosure. 

So I'm back interested in investing in foreclosures again and wish I had had followed my pursuit from back then....especially since I know first hand that you can be paid to leave an auction by someone who wants the same property that you do. I was offered 5k to leave an auction and like what many other 17 year olds would have done....I took the money and ran. lol

Thanks for reading

Vinny

You can use a home address but you have to choose a business type , SIC Code that would justify it being ran from home. 

If you use a virtual business address you do have the risk of being considered high risk. It's a slippery slope when determining a location to use, however either one will do the job.

Hi Sam, yes you will want to acquire a D&B number. It is imperative when building a credit file within their database; and they ARE the main source for business credit data. 

In addition to the information that is on the blog link that Brandon shared, you can also apply for small vendor trade credit. 

Do know, that there are many ways to establish business credit and all of them take at least a little time. The only one way that you can obtain a business line of credit for a substantial amount is if you have a strong business guarantor to co-sign for the company. Oftentimes the business credit wont appear on the personal guarantors (business'cosigners' ) credit file. 

I've been doing business credit development for quite some time and have a good grip on the ever changing trends