All Forum Posts by: Whitney T Redfield

I'll be there.  It will be nice to finally meet you in person.

Welcome, Derek!  

Welcome.  These are good questions to ask.  I'm a newbie too, so I can't answer them ... but, I will say also check out "Meet Ups" through this site and through the "MeetUp" app.  The best way to learn and meet people in this industry is at these events.  They should be free, so don't fall for someone requiring you to pay to network.

Good luck!

I'm being offered a personal CC with a $100k-$200k. I've been told it's possible to convert the credit to cash with no fees. Zero interest for 18 months. The company/middle men take 8% off the top of whatever amount of credit I get. I haven't accepted the offer yet, but I probably will. I won't use the CC for anything but the purchase of the home, and repairs. Actually, I will also have money saved to pay each months minimum payment. It's the cost of money.

If the company offering the LOC can help me convert the credit into cash with no fees, then I'm going to do it and flip a house. Once I flip 2 or 3 houses, I will have enough capital to invest on my own without the LOC.

I keep thinking this over, and over, again ... and I really don't want to get paralyzed before I even begin.  I'm ready to start crunching numbers.  I'm ready to start making offers.  I'm tired of this life I'm living where I don't have assets, everything costs money that I don't have, and I rely on a paycheck.  I'm over it.  This is my future and it starts now.

@Doniel Elbaz Welcome. I'm new as well. I've benefited a LOT by reaching out and communicating with other BP members, as well as attending local REI meetups. Check out the BPs meetup page (https://www.biggerpockets.com/forums/521-events-an...) as well as the "MeetUp" app for local listings.

I'm thinking of investing in Cleveland.  What do you think?

Hello BP,

I have a question for you all, and a scenario that has been presented to me.

Is a line of credit (LOC) good for someone with great credit but no capital to invest? Obviously partnering is the best option, and I may do a combination of LOC + Partnership; but, I need to bring something more to the table than enthusiasm … especially since I work full time.

Here's the scenario. I've been contacted by someone on BP and offered a LOC. I haven't signed anything yet, but I've been pre-approved for $100k-$200k. The exact amount will be disclosed once the application has been submitted. The credit will be through a major lender; i.e. Citibank, US Bank, American Express, ect. Technically this firm is a middle man, classified as a credit agency. The company has a strong relationship with lenders. They take 8% off the top … so, if I get approved for $150k, I have access to $138k. I've been told that I can apply for my own line of credit with all these lenders, but that the amount I will be offered would be more like $10k, not $100k. I get 18 months at 0% interest, but will have to make the minimum payments. The company can work with me to convert the credit into cash with no fees from the lender … I've been told they have experience with this. Essentially, I can flip a house within 18 month, pay back the LOC and keep the profit. Once the LOC is paid back, I can do it all again with a new LOC and the 18 months starts over with the new LOC. If I do this enough times, I won't need the LOC because I will finally have my own cash to invest.

What do you all think? Is this something that is common? Have any of you ever used a LOC? Is this a typical LOC? What should I be asking this company?

Please let me know what you think … I would really appreciate it!!

With regards to new industries ... Nevada has legalized recreational and medicinal cannabis.  There will be growers, manufacturers, retail,etc. and those employees will need housing.  Yes, the NFL will bring in a flock of new people, but Las Vegas is growing on multiple fronts (pun intended).

@Sarah T. , I've asked similar questions about getting started. The responses I get typically suggest finding a partner. Partners reduce your risk, reduce the amount put down on the loan since the down payment is split between the two of you, and increases your chance of success when partnering with someone with more experience. you can find partners here on BP, at "meet ups", or at Real Estate Investment organizations. Good luck. Let us know how it turns out!

@Thomas S. , DB?