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20 August 2024 | 3 replies
On the 19th now the credit bureaus didn't all show up and we were forced to push it back another day because the scores didn't show until after my original closing time.
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19 August 2024 | 12 replies
I’ve been told by many local banks and credit unions that they will not do the deal.
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19 August 2024 | 14 replies
Your local community banks and credit unions will likely have HELOCs.
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21 August 2024 | 27 replies
Almost nothing penciled out and I wasn't interested in buying properties with negative cash or banking on the possibility of future appreciation.So I resisted buying bad deals and pretty much sat on the sidelines from 2005 to 2009 and continued to build up cash, contacts, my credit score, and my RE knowledge/education.
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20 August 2024 | 8 replies
Typically, local banks and credit unions are you're best bet.
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20 August 2024 | 4 replies
What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?
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20 August 2024 | 4 replies
Key factors include your experience level, credit score (600+), down payment (10-30%), property appraisal and ARV (65-70% of ARV), project scope and budget, exit strategy, cash reserves, market conditions, and lien position.
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19 August 2024 | 4 replies
My Credit Union said they cannot help because house is under an LLC.
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19 August 2024 | 9 replies
:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.
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18 August 2024 | 3 replies
Setting up a bank account at a local bank or credit union could help grow your business in the future.