All Forum Posts by: Brandon Wright

@Addison Watson, thanks for your feedback as well. I bought it in Hoover. Your thought regarding the comps is greatly appreciated. I will apply for a credit card probably today or this week. My time is super limited, but sweat equity is perhaps our best bet right now. I need a good account. I have some that I need to reach out to hear locally. Thanks for the tip. I appreciate it.

@Jason Wray, that is very helpful. I have been calling the bank today and have not gotten very far, based on the equity and no credit score. Thanks for the clarity on how the renovation for a condo is different from once completed on a home.

Hi BiggerPockets Community,

On Tuesday, I recently closed on my first home (condo) using an FHA loan. I put 3.5% down at closing. I had a zero credit score before this purchase (due to Dave Ramsey and being debt-free). I plan to live in this property for one year and then move renters in. The house is in my name, but I want to get an LLC at some point. I am seeking premium renters in this area, and I met with the contractor today and he recommended about $15k in renovations to make this a luxury condo. My lease in my current place ends March 31st.

I want to finance this expense and keep my money in the bank for the next investment. 

Should I:

1. Go to banks applying for personal lines of correct? I assume I do not qualify for a business loan since my house is in my name. (Would you recommend any local banks in Hoover, AL?)

2. Should I apply for credit cards? (I have not had a credit card since 2015).

3. How do I ensure I can write off these expenses as business expenses (i.e., LLC)?

Thanks in advance. 

B

Hi Rob, sorry for the late response. I had to finish some work within my doctoral program before moving forward on REI.

If you are willing, send me a text and we can set up a time to meet at 6014023218.

Best regards,

B

James,
Thanks, for your response. I'll look Terry Mills up. Thanks for the connection. 

Hi all, I'm wondering if any REI groups are effective and efficient in the BHAM area? Do you participate?

Also, I'm a former college football player, and I know how accountability supports growth. I'm looking for an accountability group in the Birmingham area.

Thanks for the insight. 

B

Hi @Brian Tunnell! I look forward to connecting with you. 

B

Hi @Bryan Hartlen. We are invested in buy and holds. 

B

Greetings!

I hope this meeting finds you well and that your year is off to a good start. I'm a resident and new investor in the Birmingham area, looking to connect with other investors. 

I look forward to connecting!

Have a great day. 

Brandon Wright