All Forum Posts by: Scott Young

@Manolo D. Great info, thank you!  I'm looking into the Plum now but don't see it listed on CK...I'll keep digging.

Thanks everyone for the advice...it's exactly the kind of conversation and information I was looking for.  I understand the risks involved but was just wondering if I was missing anything.  Full disclosure, I have great credit and decent funds but they're tied up in Vanguard and I don't want to tap them if I can avoid it but I could if looming interest rates look to become a problem.  

@Filipe Pereira totally agree with your philosophy but I need to work to get those cash reserves built up!

@Jeff Filali @Steve Kontos @Daren H. @Lesley Resnick Did getting all those cards ding your credit score at all?  If so, how long did it take to recover?  It took a long time to get my score and I'm worried about it dropping if I start applying for cards or balance increases.  Could be I'm worrying about it too much...

@Corby Goade Yup, I got squared away on those cash advance fees after I did some more digging...I'll be staying away from those!

@Aaron McGinnis Thanks for the info on the HD and Lowes cards.  I wasn't aware you couldn't pay them off with credit cards...that puts a kink in my plans.  Thanks for The Points Guy reference...I'll go check it out!

@Steve Porcello I wasn't aware of the Project Loan card...I'll check it out!

Thanks again everybody!

I’ve been doing a lot of research into financing methods as I’m about to finally start working towards my first deal. Purchase financing aside, I’ve seen a lot of differing information on using credit cards (personal and/or business) and/or business accounts to cover actual renovation costs. So, a few questions:

• Can I use my personal credit card(s) or should I get a business credit card under my LLC? If I can use either, what are the pros and cons of using each?
• Is it worth it to get a Lowes or Home Depot (for example) Business Account? Is it difficult to qualify? My understanding is I could pay the business account off monthly using the credit card, then pay the credit card when due essentially freeing up my cash for two months. I’m not trying to float checks here, but am just looking for the smartest way to operate.
• If I get a business credit card, how does it affect my credit? Is it difficult to qualify for one?

Most of the info I’m finding seems to be people using cash advances on their personal cards. Is there a reason to do that vs just charging on the card?

I feel like I’m missing something simple here that would connect all the dots for me. Any help is greatly appreciated!

Scott

Thanks for all the information, Michael!  I'm definitely working the financing...I have some equity and a small cash reserve.  I'll have to get creative for the rest but at least I have some options.  The competition for flips is making me think I need to open my mind to rentals.  I don't really want to manage the properties but I know I can hire that portion of the business out if needed.  Thanks again for the advice and good luck to you as you find your own path!  

Aloha Bigger Pockets!  I’m a little overdue on the introductions as I’ve been staying busy making my way through the forums and trying to educate myself as much as possible.  I currently live on Oahu but will be moving back to the mainland sometime during early winter.  We’ll be settling down in the Greenwood, IN area and I’m looking for folks familiar with the local area and market.  I’m primarily interested in flips but am getting curious about rentals as well.  I’m looking for anyone in the local Greenwood/Southside Indy area that would be willing to do some long distance mentoring and maybe a meet up once I get settled back on the area.  I’m also looking for references in regards to building up my team and anything that’ll help steer a newbie in the right direction.  I don’t have real estate or construction experience but do have a fair amount of project management-type experience.  I’ve read more books and forums than I can count but am always looking for more information so if you have any good recommendations, please share!  Thanks!

Scott

Looks amazing!  How long did it take to turn around?