All Forum Posts by: Vu Nguyen

Besides using the MLS (like a realtor or an appraiser) what apps or sites do you use to find comps to determine your ARV?

I currently use a combo of Zillow, Realtor, and my Deal Check app (which uses the Zestimates I believe) to find comps and determine a ballpark ARV. I do regularly consult my realtor to assist me with comps and ARVs but with the higher volume of deals I'm wanting to analyze I don't want to use up too much of my realtor's time.

@Daniel Barnhart

My family and I are moving to Chattanooga as well at the end of this summer as well. We just closed on a quadplex and I’m loving my team out there. Would love to connect with other investors in the area.

@Michael Elefante Thanks for sharing your story and experience.  We are already investing in Tennessee and this will definitely get me thinking about short-term rentals.  I would love to hear your response to the questions about how you are managing these properties and if you have hired a property manager.  

@Ben Bolin

I've spoken to Seek Business Capital which was going to charge me about 6K to apply for and get a 100K line in business credit cards. Chris Teti at MB Capital Solutions has been very helpful in sitting down and talking through strategies and setting up an individualized plan to try to remove some of the inquiries and to be able to apply for business credit cards with a better chance of success. From what I'm told, many credit card companies deny applications if there are more than 2 hard inquiries in the past 6 months. I've started the process of contacting the credit bureaus with their instructions but have not had much success with getting those inquiries removed yet. Jamie at Ivanhoe Capital Advisors offers a similar service as well as a number of other options for loans as a commercial/private lender. It may be best for me at this point to be patient and wait it out the next 6 months and continue to use just use the capital that I have to continue to BRRRR properties.

@Nate Bell

Thanks for the suggestion.  We have looked into opening business credit cards and we have run into the issue of having too many credit inquires.  I think we will just have to work with the capital that we have and wait it out until the inquiries become 6 months old which is the timeframe that many lenders/credit card companies are looking for.  

@Bjorn Ahlblad 

Thanks for the suggestion. We actually have already purchased a great umbrella policy. We have the LLC as an extra layer of protection.

My wife and I are in our first year of investing and started purchasing property in AL in June 2020 and now have 5 single family homes and are mostly utilizing the BRRRR strategy to hold our properties as rentals. We are looking to purchase 10-15 units in the next year in AL and TN with a combo of SFRs and multifamily homes. We are currently moving all of our business operations out of my personal name and into the LLC (business bank account, mortgages, titles, etc) which was formed in 10/2020. This makes the most sense for us to do this early for liability protection.

We have been using a HELOC and hard money lenders to fund our purchases and rehabs. I would like to decrease our dependence on the HELOC to not expose my primary residence to this risk. I have been researching and speaking with multiple lenders about obtaining a business line of credit but it's difficult to qualify for one when...

1) We have too many credit inquiries from multiple loan applications (I'm in the process of trying to have those inquires removed with a company)

2) Our business is too new (less than a year old) and we don't have an established business credit history yet.  

3) Our business does not generate enough income yet (usually need 8-10K in profit a month to qualify)

Does anyone have any advice on how to move forward with obtaining a business lines of credit or working with a local bank or credit union as a new business to fund deals? I'm looking to open accounts only in the name of our LLC at this point. Any help would be much appreciated.

Does anyone have any experience working with FundingPilot.com? They advertise some interesting real estate and business line of credit programs but want to make sure that they are legit.

@Anthony Morrow thanks for the response. We will be investing out of state. Bought a couple turnkeys but am researching to complete our first BRRRR.

@David Pai thanks for the input!