All Forum Posts by: Davon Lowery

@Liz Brumer-Smith Great job!!!! Clear, direct, succinct. You make it look (sound) so seamless, and I know it was nothing like that. Great info,

Thanks

Thank you I am seeing the benefits of having a person handling things for us. Thank you @LeeAnn Putnam and @Jane A.

As we all know, as we move through our lives and try to manage our business life gets in the way. I've heard many tout the benefits of using a VA to handle many of the mundane: number crunching, data review and updating of spreadsheets, etc...

So, how does one decide on a VA, what services do you use and other input you might have regarding the topic.

thank you in advance.

Welcome to BP... The door is open and success awaits you. Use all the tools that BP has to offer and get the most of your membership. Good luck in REI!!!

Hey @Chidi Osuji good question, I was recently in a situation where I was looking for funding for repairs. First, congrats on your new purchase, you have several options.

I'm not sure how credit and or loans work in your state, but in my state, even if we have an LLC/ Corp, recourse loans (most private, unsecured loans) must have a personal guarantor (me/you) attached to the loan. As a matter of course the lender will most definitely want a personal guarantee for a new business.

If it were me, I would first opt for a HELOC, especially if there is equity in the property. I would not rush to the deed the property to my LLC an strategy to insure I could get funding on my own private credit, we just wanna get the job done.

As @Justin Thompson already stated you can go with one of those companies that offer unsecured CC with 0% interest for 12mos', the downside is that they charge a fee, similar to points, like a hard $ lender.

Also, Home Depot and Lowes offer project loans. You could get the project loans and then balance transfer you debt to a business CC once you get your LLC established with a credit profile.

Wells Fargo also offers a, project/builder loan to rehab a property; however, the loan will have to be personally guaranteed by the borrower. 

Keep us posted, hopefully you get better options that all that we know.

@Account Closed @Janet Brown @Juan Cristales @Larry P. @Michael Hicks

Thank you for the virtual pats on the back, I think many of us are naturally out going like Juan awkwardly stated lol jk Juan, but we do psych ourselves out. If one does in fact plan to jump in a conversation we have to know what were are talking about, not just talking to get attention or get heard. BP helped me to know what I'm talking about.

@Account Closedx

The other day at work, I overheard one of my coworkers talking to a gentleman who was talking REI, among other things, but my coworker was totally uninterested in REI and the gentleman was talking about his deal he just closed, using all the investor lingo we use.

IMHO, the most socialy awkward thing to do is, to inject yourself in a conversation that you were not part of/invited; however, I tabled my social cues and went forward with a business card and politely asked to be apart of the conversation. Exit my coworker and in steps fellow REI investor.

Turns out the gentleman got a smoking deal on a 2/1 in South LA and I understand why he wanted to talk about it (pics above).  

We hit it off and today we were running around and I was learning a new aspect of the flip biz from a pro. He's been in for 30+ years and he loves what he does. 

Now he invited me to his flip and gave me a few gems b4 we parted ways. 

Even if we never see each other again that was a positive return for coming out of one's comfort zone.

Keep networking every day everywhere you go, you never know who you will meet. Please keep biz cards on you too, screams seriousness and professionalism. 

Thank you BP family

Still negotiating. Discovered title issues, shaping up to be a little return for great effort. I will keep you posted.

Happy Bday BranDON!!!