All Forum Posts by: Dave Rav

@Jason Merchey thanks for the kind words.  

Yes, Jason and I met.  Jason is reliable, determined, and as mentioned shares some commonalities with me.  We hope to collaborate in the near future, and experience growth of our businesses as a result 

I did not @Demario Scott.  Dates didn't work out.  But it COULD be a nice income generator.  Especially in a tourist city, such as ours.  Price it well and get with a good company, such as Turo.  If anything  it could pay your car note (if have one) each month (which lowers your monthly expenses). It has potential to boost income.  

Yes, listen to @Amanda G.  If you have too many small balance limit ccs, it could impact the total line you get. 

Essentially, each line you you open could detract from the total credit extended to you.

Brandon, commitment to learning is a good thing!  You can only grow from there.

So, you don’t have a biz, therefore no biz credit.  Ok what about your personal credit?  Do you have/can you apply for cards offering zero intro interest?  Obviously, to attract these offers you need decent credit.  Also need to be able to obtain a line of $10-20k for it to be worthwhile and be put to use on real estate (a $2500 line won’t give you much buying power).  Look into a cc comparison app to see who’s offering 0% interest min 12 mos on *cash advances *

I love the name of your meetup!  Thats awesome.  Too bad you're not doing one of these in Charleston, SC

Greetings!  I'm a fellow investor from SC.  Closer to Charleston though, Summerville actually.

Yes, many HM and investor-friendly lenders just "cant fuss" with loan amounts this small.  Truly unfortunate though, because today you want $50k; next year it could be $150k.  And if you hang in the game long enough, you could do massive volume.  More business to be had with them.  This is something that irks me about lenders (HM or any others).  

So, for this deal fortunately I think you have a multitude of options.  The $20k heloc opens the door for many options.  This is almost a 50% DP.  A private lender would be very pleased with that degree of "skin" in the game.  Something else I've done is combined debt vehicles.  Do you have/can you get a business line of credit?  For this of a small balance, it may be able to be done.  One thing they will look for is length of existence - was your business established yesterday or has it been around for awhile?  They may also look at biz income, FYI.  Lastly, finance the rest on a credit card.  I've done this a multitude of times.  I have a biz cc with a decent limit and since Ive been a good customer with excellent credit they extend me ZERO interest cash advances often good for 18-21 months!  All I pay is the transaction fee of 2-3%.

All the best!

Agree with @Dave Passey.  Funding partner, construction partner, inspector, business partner - any of those work.  

Caution though with doing too many walk throughs.  Folks dont like people traipsing through too often.  Keep the tire-kickers out!  

Greetings.  It does sound like you have your hands full.  plus you’ve moved to a new locale.

Wholesaling is MUCH harder for the newbie than those courses tell you.  Especially in the current market cycle. Established REIs have much better chances of success in W’ing.  Those who’ve done it before in other cycles make $$ no doubt.  Very tough for STARTING out in the current environment 

However, it can still be done! Recommend getting under someone’s wing who’s been doing it.  I’m talking local one-one help.  Not some guru with “helpers” doing weekly calls with you.

Realistically, I think the carpenter thing is the better option.  Not only will you learn a marketable trade, but you’ll make money right away, and learn some valuable insight as it relates to renovating property.  You will learn what it takes and costs to repair various aspects of a home.  Very helpful for your future investor self.

Get it!

Welcome!

@Damon Alford Yes, isn’t it funny how most lenders won’t “fuss” with these lower loan amounts. 1-2% orig fee of 75k isnt enough for them. I guess. Hey, once you grow and need that $500k or $1M loan call them back and say “remember me?” Then go with a competitor. Growing business relationships is important for both parties. Not just the consumer. Esp in our free market. No lender should ever feel that I need them, or am desperate