All Forum Posts by: Cheryl Crockett

Actually, I took my credit score from 620 to over 700 in less than a year, by consistently paying monthly bills on time (or early) and paying my credit card off every month. Once I had a good history of doing that, I asked for and got an increased credit limit.

Aside from that, I pay a little extra on my student loan monthly.

Don't let any part of the path to raising your credit score continue to be a mystery to you. There are people willing to help you get there, if you ask, just like you asked here.

Congratulations!

Before you do anything else, I advocate boosting your credit score as quickly as possible. 

A. My advice would be to find a lower rent situation (even a house-sitting gig that might get you a barter for occupying and maintaining a property for free or reduced rent). Then, put any money you save monthly toward reducing your debt.

B. I strongly suggest having an in-person meeting with your banker or credit union branch manager about your goals and your current situation. And, visit another credit union or bank, where you don't do business yet, to have the same conversation and ask the same questions: 

    1. Given my history and current situation, what tips or tricks do you recommend to raise my credit score?

    2. What services do you provide to entrepreneurs and investors? And how do you stand out from the competition?

     3. How can I benefit as a real estate investor if I bring (or keep) my business at your institution?

C. Shop aggressively for lower credit card rates and then go back to your credit card company and tell them what you found. Say that you want to move your business to another card unless they can match or improve upon the competition.

D. Have a chat with your current landlords, before you leave them, and see if they, at least, have any supportive advice for you, and at most, if they would consider an extension to your lease.

I wish you the best!

@Jay Hinrichs wrote: "I got turned into the state. regulator does not agree with my lawyer.. and guess who won.. REGULATOR that one cost me 30k. and a cease and desist from the state. and a lot of drama and stress."

Jay,

I am so sorry that happened to you. Thank you for sharing so that others can learn.

Many opinions differ and vary among realtors, brokers, investors, lawyers and (as you have added) regulators, etc. And some are very passionate about their respective stances. Add to that, the differences between states in the laws that govern the transfer of real estate.

Your experience is one of many that proves the discussion about the legality of wholesaling can never be "squashed" or ended with a Bigger Pockets forum post. Still, there is plenty to learn in the posts. But, in a few weeks or months, someone will start a similar thread, just as someone probably did a few months or years ago.

I wish you the very best on your current or next deal.

@Charlie MacPherson 

You and I are in agreement. I wrote about an "ethical" lawyer.

A lawyer that doesn't obey the law is not ethical.

@Charlie MacPherson & @Michael Ealy

The Double-Close is definitely legal, but there are certain circumstances when it is ill-advised or unnecessary.

For instance, closing costs are more expensive with a "double-close", by definition. So, if another, less expensive approach can be implemented, ethically and legally, it should be given serious consideration.

Wisdom dictates having a reputable title attorney, or other real estate attorney, with an ethical, eagle eye, to review your offer & ratified contract to confirm that you can wholesale it. If your goal is a double-close, that lawyer will make sure your contract is compliant with the laws of the state where the house is located. And since you don't want your deal to die on its way to settlement, it might be a good idea to identify and interview such a title company, prior to your next deal. The right person/company will have had lots of experience doing wholesale deals, including, specifically, double-closes, in addition to meeting any other criteria you set forth.

Unfortunately, the debate about the legality of wholesaling may never die. Some of the misconceptions that I've been hearing for years, have been repeated within this forum thread. And if a lawyer you retain tells you that your wholesale deal is legal, nothing anyone writes in this forum will matter more than that.

Amen @Jeremy Leech!

My approach is almost exactly as you described, but AirB&B will be a part of the strategy.

(you wrote "HELCO" - did you mean "HELOC" a.k.a. "Home Equity Line Of Credit"?)

So encouraged to see success stories with actual details.

There's enough information here for others to learn and replicate!

Congratulations! 

@Joseph England

I am curious: with all your success, have people who follow this forum post, started bringing you deals?

Has your momentum increased; have you found a greater ease in finding your subsequent deals?

How has your process changed, for the better or worse, since you first embarked on this journey?

Thank you Joseph, for your service. I am still following and looking forward to the next update.

Sincerely,

Cheryl

During the weekly webinar, @Brandon Turner affords new pro members the opportunity to download audio from the 2012 Bigger Pockets Conference. After a year and a half as a pro member, I just started listening to this series of recordings.

Because the playlist dowload is organized alphabetically, I presume the tracks are not in their original order.

Curious to know what some of my fellow Bigger Pockets people have appreciated about the series, I thought I would reach out to you all here. My questions are as follows:

First, for those of you who have listened to these recordings, which track [or speaker(s)] stood out the most?

Second, what was the most valuable thing you learned from listening to this content?

Third, does anyone know of supplemental resources that can help me navigate the audio (i.e.: a digital program, or agenda PDF or other kind of document)?

Thanks, in advance, for any and all responses.

Cheryl