All Forum Posts by: Brandon O.

@Ken M. Thank you, Ken! I was under the impression that even hard money lenders focus on score, thanks for the feedback 

@Jennie Berger Thanks you for your time and feedback! I’d definitely be interested in connecting to share more about what I’m looking to work  on and to learn more about your lending approach. Let me know a good time for a quick call or meeting. Happy to connect in person or virtually, whatever works best.

Good evening BP family,

I’m reaching out to ask for some advice and guidance.

Real estate has been my passion for the past few years, and while I’ve overcome several hurdles along the way, I’ve hit a bit of a pause and could use some insight particularly around credit and qualifying for hard money lending.

I’m based in the Chicago market and actively looking to start flipping properties. I’ve built a solid team that includes developers and agents, and I have stable income and capital to invest. Unfortunately, I recently took an unexpected hit to my credit score about a 125-point drop which has created some uncertainty around lending eligibility. I’m currently disputing the issue, but I’m unsure how effective or timely the resolution will be.

I’ve tried to partner with a few close contacts who could leverage their credit to help secure lending, but unfortunately, the urgency hasn’t aligned. I’m concerned that, despite having the funds and support system in place, my recent credit hit may prevent lenders from backing my projects.

If anyone has advice on navigating this situation whether it’s creative financing options, recommended lenders who may be more flexible, or even local networking opportunities I’d truly appreciate it. My financial freedom and long-term vision are at stake, and I’m committed to making this work.

Also, if you’re in the Chicago area and open to connecting or meeting up, I’d love to build with others in the local community.

Thank you in advance!

@Dmitriy Fomichenko I just read an article that you wrote years ago on this. Very good information. I have two traditional 401k(s) one from a past employer (vanguard) and a current one (fidelity). I won't have any issues rolling my 401k from Vanguard to a solo 401k correct? Thanks 

Thank you everyone for your feedback! 

Good afternoon BP family! It's interesting how the things we put into the universe often come full circle. Ten years ago, I created my profile on this platform as a hungry and motivated 28-year-old looking to build wealth through real estate. Life took some unexpected turns, causing me to put my dreams on hold, but now I'm feeling that fire again and ready to get back in the game.

I have limited liquid funds, so I'm considering leveraging one of my 401(k)s to invest in real estate. Specifically, I'm looking to roll it over into a self-directed 401(k) or IRA to gain access and control over my investments. I've received conflicting advice, one recommendation was to roll it into an IRA, which would require setting up an LLC, opening a business account, and linking the IRA to the LLC account. Another suggestion was to go with a self-directed 401(k). Based on my research, the self-directed 401(k) seems like the better option, but I'd love to hear from those who have experience with this strategy.

Has anyone used this approach to invest in real estate? Any insights or advice would be greatly appreciated. Thanks!

Welcome @Erik Wenzel! Rich dad poor dad is an excellent read and I encourage you to read the sequel to that book rich dad's cashflow quadrant another great read. I'm not too far from you I live in the south suburbs in Evergreen Park. I would love to connect with you as I am also looking to get into the game.  

man that's a great story @Donald Placide what was the price range of the credit line he had to offer? 

fellas @Patrick Zanders @Account Closed I appreciate the insight, this helps! 

I'm trying to send out letters and post cards to absentee owners so I can start wholesaling deals and make a impact. What can/should I put on these card to atteract the eye of the home owner? Are there any key words recommended? any help given is greatly appreciated!

-See You At The Top