All Forum Posts by: Matt Reilly
Matt Reilly has started 0 posts and replied 7 times.
Post: Indiana Focused
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
I’m currently liquidating my Illinois portfolio and buying in Indiana.
Anyone have any deals? 2-4 units. 15% cash on cash return minimum ( with 25% down )
Larger deals are ok too
Thanks!
Post: Anyone Heard of Credit Card Builders?
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
@Jason Alexander Great response! You laid out the details so they would make the most sense. I would be very interested to exchange a PM, as I am looking for secured/unsecured lines at the moment and after talking to 5 banks today, I'm feeling a little lost. Any help would be greatly appreciated!
Post: Business credit
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
@Stanley Whigham Hello Stanley! That was GREAT advice and even better break down. I am in the beginning stages of starting my D&B profile (just got my DUNS number). If you had the time, could you PM me so I can ask a few questions about what you wrote. I've been searching forum topics for hours and you gave the best advice. Thank you!
Post: Ways to establish credit for new business LLC.
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
Originally posted by @Shawn Ackerman:
@Markese Williams This is a process that has to be taken step by step.
1. Get a corporate email, 411 listing, business address(Not a P.O. Box) a virtual office is good.
2. Open a business bank account. If you can put 10K+ for a "Low 5" business acct rating that's excellent but not required. Take your articles of inc to the bank with your business address and open acct. I have a business acct. with Citi Business and it was that simple.
3. Once the above is fulfilled you can start applying with starter vendors like Grainger, Quill, ITC, Seton, Successories etc... You can open Net 30 Accts with them. Make sure they report to either D&B, Experian Bus or Equifax.
4. Your gonna need a D&B profile. Come back to me when you have established 1-3 and I can help you from there. It's a process and most business don't get their first credit card W/O personal guarantee for 9-12 Months.
Great Advice Shawn! I am in the same situation as Markese. I just opened my D&B account and have opened my business checking account at Chase. Any advice or direction you could give me on my next step/steps would be greatly appreciated! The end goal is to get loans/lines of credit in my Business Name and not my personal. Thanks!
Post: Community Banks (Illinois, Chicago or Suburbs)
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
Originally posted by @Mark Ainley:
@Joseph Dimaria I will PM you a couple that can work for you in the Chicagoland area that we use.
Please PM the info as well if possible. It would be greatly appreciated. Looking for capital to purchase single family investment homes for rentals.
Post: Business Line of Credit Options
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
Originally posted by @Michael Prout:
Hey Keith H.
Not sure if you already got your Biz line of credit, but I just hooked up with one of my previous bank account rep and he has a program that you can get up to $150K @0%.
No VOE, VOR, DTI, Assets. True NO Doc. Need a min 680 fico score. 24 pre-approval with Tri-Merge credit report. If you want more info, let me know.
Michael Prout
Proutax Financial Services
Hello,
I am investing in the south suburbs in Chicago,IL. Would your contact be able to loan out of state? If so, please shoot me his info. Thanks!
Post: Credit Line??
- Real Estate Agent
- Chicago, IL
- Posts 7
- Votes 1
Originally posted by @Account Closed:
I have an associate in Chicago that has LOCs for real estate investing. It will build your business credit (do you have a DNB #) . One purpose is for rehabbing/paying contractors. It is based on your personal credit but it will build your business credit.
Would you happen to have the info of where your associate got those LOC's in Chicago? That's the market I am in and any help would be beneficial. Thank you!