All Forum Posts by: Carolina Mejia

Keep improving your credit. After I buy, renovate and furnish a house, my credit takes a dip. There are forums at MyFico.com on the "community" tab, that discuss the thresholds that really bump your credit score, and about how to improve your credit as well as how to get business credit.

THank you i'll take a look!

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Quote from @Nathan Gesner:

Quote from @Carolina Mejia:

14%? That's higher than some hard-money lenders and credit cards!

A HELOC is just another method of borrowing money. Borrowing money to borrow money is unwise.

I think you should focus on improving your credit and your personal finances, sacrificing, and saving up. Invest from a position of strength instead of trying to take shortcuts.

Yes of course, my goal was to use the money to but my next investment property. Besides my credit my finances are great and I save 20% of my income a year. I am going to keep working on it all to move forward though!

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Quote from @Alan DeRossett:

We can only use commercial loans as properties not in my name its in the LLC and living trust. Personal credit should not matter if set up in an Llc or Corporation. Also we never borrow more than 70% or rates get too high.

its in my personal name!

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Quote from @Michael Dumler:

@Carolina Mejia, question, why are you pulling a HELOC in the first place? If the reason is not to acquire an asset or consolidate debt then I don't recommend pulling a line of credit.

Yes I am looking to aquire a Heloc to purchase my next property

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Same place and time?

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Atlanta, Georgia

Hi! When is the next women in real estate coffee meetup?

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Atlanta, Georgia

Hi! When is the next Multifamily meet up?

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Atlanta, Georgia

So I am trying to do a HELOC to be able to pull equity from my current investment (only have 1). My credit is low 618 give or take- (I am working on it with credit versio- removing somethings that are bring down my credit) but anyways that is a process. i found one HELOC provider called Prosper that for 95k was charging 14%. I've looking at others but either don't qualify or they haven't given me the rates yet. Would you pull 95k at 14% or should i keep looking/working on bettering my credit?

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Quote from @John Slater:

great stuff. I'm intrigued to know how it goes with the foreclosure mailers. I do a lot in the pre-foreclosure area, door knocking, calling, but haven't spent much time with mailers for these.

Thank you! so far I did get one call, it was the agent of one of the homeowners who is trying to sell before they lose it. I am going to sent them an offer and see! Do you have success calling/door knocking?

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So my first may campaign I mailed to random houses in my neighborhood- there was basically no criteria jaja. But I just want to do something. I sent out 70 letters... AND I GOT ONE CALL! I got a call from an investor with 30 years of experience and 80 units!!!! He is interested in partnering with me to get more deals. I am very happy! This second campaign is all to preforeclosure owners, i sent 44 letters. I am only mailing owners with less than 150k in estimated mortgage. I am looking to hopefully get some calls, i want owner finance, but depending on the deal will do bank finance and my new found partner will bring the down payment. I JUST WANT TO SAY YOU MISS 100% OF THE SHOTS YOU DON'T TAKE!

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All Forum Posts by: Carolina Mejia

Carolina Mejia has started 23 posts and replied 64 times.

Post: HELOC W/ LOW CREDIT

Post: HELOC W/ LOW CREDIT

Post: HELOC W/ LOW CREDIT

Post: HELOC W/ LOW CREDIT

Post: Women In Real Estate Coffee Meetup

Post: Women In Real Estate Coffee Meetup

Post: Networking With Investors For Your Multifamily Deals.

Post: HELOC W/ LOW CREDIT

Post: 2nd direct mail campaign ON THE WAY!

Post: 2nd direct mail campaign ON THE WAY!