All Forum Posts by: Tony SanFilippo

Nice job on getting the deal done.  Congrats

@Jabbar Thomas

You are right!  Now Opportunities, seem to come up every week!  Keep up the hard work!

Great Job. 

They should all be like this, if not other competing investors are paying too much ;-).

Well, You should be able to find fix and flips that have 15-30% return for just one property, if you do 3 per year, than the answer is Yes, you can make 30-40% APR or more. 3 properties at 10% in one year would get you 30% APR.

@Matt Motil

Your rental metrics are good for cash flow nicely done!  How does the market look for appreciation in your equity position in the property?  Does the area have job growth?  Population increases?  If so this could be a real WIN WIN.

@Matt Motil

Congratulations 

Will you give us some detail on the house from an investment prospective?  Is it buy and hold or fix and flip?  Numbers would be great as well

Thanks

@John Anderson and @Jason Hirko

If the big banks will not let you have 90%-100% of your own money back as a loan, walk out! Go find a small bank or credit union, you will find a bankster that will do this, if they are holding your money in an account they have nothing to lose. If they put it in a risky security, it could lose value, so sure they may not give you 90-100%, so put it into an account that you can not touch. The bank I did this hack with told me they had never done it before, but once he thought about it, realized there was no risk. Then he said sure and drew up the paper work. So even if they 1st say "no" we don’t do this, ask them. Your telling me you don’t want to take my money and lend it back to me with interest? Why wouldn’t you? Banks make money from interest don’t they?

Other, please post your credit hack successes on this tread when it works for you! Other in the community would love to hear!

P.S. We used - Westerra Credit Union

@John Anderson

Exactly, they can call it a credit line or loan, who cares as long as they report to the credit agency.  You can't touch the $1,000 you put in the account, but you can max out the credit line the same day (withdraw the same amount you deposited to get your money back) and give it back to your savings or who ever you borrowed it from) because if you don't, your not borrowing money and not going to get the quality reports to the credit agencies.  The whole reason for doing this is to get the bank to report you paid as agreed, Boom- credit hack.

You will pay interest on the money, but it is at a very low interest rate, since the bank has nothing to lose.  So it will cost you about $30-40 per year in interest per $1,000 borrowed (assuming a 3-4% interest rate).  I don't even think they want payments, so when your ready at least 6-90 months down the road, take the money out of savings from when you maxed out the credit line, and go pay it back, with your interest.  Now you can empty out the account and pay that back to savings or who ever you borrowed it from.  Repeat.

@John Anderson

Most banks will do this... just call and talk with a few load originators.  They get it, let them know you want to get a loan and will be depositing cash in an account of theirs as a guarantee.  Make sure they report to credit agencies and it is ok to let them know you are doing this to improve your credit, hey they have nothing to lose.  

Increase your fico score with this good credit hack. 

A great way to improve your credit is with loans. But what if you don't qualify? No problem if you or some one close to you has some cash.

Here is how it works. Many banks will loan you money, regardless of how bad your credit is, if you have an account with them that contains more than your loan. So let's say you or your parents have $1,000 or $5,000 or what ever amount. Take it to a bank, let them know you would like a loan for 90% of an amount of cash you are going to deposit to secure the loan. You are basically borrowing your own money and the bank gets to charge you interest, of course they will be interested in this deal. (I have done this twice with my son's credit in the last couple years).

By the way the interest rate if very good I think we paid 3-4%, since the bank has no risk. Make sure and ask if they report to the credit agencies, which most all do, but best to double check.

So you or your parents or whoever, gets 90% of their money back the same day you get the loan, so you will not have access to 10% of the amount you deposit for a year or until you pay off the loan. It will cost you about $30-40 per year / per 1,000 deposit/borrow, but that is cheap price to get good credit.

Cheers