All Forum Posts by: Account Closed

Josh:
It is confirmed that the line of credit from B of A is:

1. Unsecured
2. Personal LOC
3. No Doc (Meaning assets simply have to be stated on application and will not be checked.)
4. Introduction rate for the first year is 1.99%.
5. Average loan amounts $25k (monthly payment $41/month)

Feel free to email me if you have any further questions.

Relative to the lack of financing that I've seen out in the market this is an extremely competitive product to obtain.

Saavy investors know that when the banks offer a product like this you should take the money while it's out there.

David H.

Good stuff Nick! I give you props for multitasking eating while shmoozing with the realtor. So I guess that's your secret for time management...

David H.

Marlon:
My business partner went through a broker to obtain the no doc unsecured line of credit. You would need a credit score of over 700 and be employed to qualify for this no doc unsecured line of credit.

As for the issue of you being located in Ohio you would have to confer with the broker on that matter.

Please email me directly and I can refer you to them.

David H.

Haha.
I don't know which clip is funnier. Is it the Nick Johnson clip on how to attract short sales from a realtor or Tim's Japanese commercial.

I guess a little levity doesn't hurt within this forum.

David H.

Hello Paul:
Welcome to the BP Community. I'm sure you will find a lot of good information and good networks to help you along your real estate investing journey. I look forward to hearing about how things are going with you dow in your markets.

David H.

Hello Jason:
Welcome to the BP Community. Congratulations on the future addition to your family.

I'm sure as I found out that you'll find a ton of good information on this site.

I look forward in how things are going with you.

I wish you much success in this growing field.

David H.

Hi Marc:
Welcome to the BP Community. I know that you'll get a lot of value from this site. It seems like there are a lot of investors on this site that are investing in Florida these days. Keep us posted on how things are going and if there is anything I can be of help let me know.

David H.

Jordan:
When you are just starting out you will most likely have to take out credit under your own name. Eventually what you will want to do is phase out your personal credit into business credit under an entity such as an LLC. That takes time.

The only real way that I've seen where you can take out credit where it is not under your personal credit it through business credit. That process takes about 2 years and the banks have clamped down on it.

For now your best bet is by taking out credit under your personal credit.

My business partner just got approved for a no doc unsecured personal line of credit from a B of A for $25,000 in 2 weeks and the interest rate is 1.99% for the first year.

I hope that helps.

David H.

JC:
I bought Tom Kish's course a few years ago and the process to obtain business lines of credit takes 2 years and can be tedious to work with all of the different lenders.

The banks have clamped down a lot. If your LLC is less then 2 years old then it is almost impossible to get business lines of credit.

I found a broker who got my business partner an unsecured no doc personal line of credit for $25k in 2 weeks from a division of B of A. The intro rate for the 1st year is 1.99% which is awesome. You need a credit score of over 700.

The broker also has a no doc business line of credit, loan amount up to $100k, approval in 2 days. The LLC has to have been open for more then 2 years and you need a credit score of 680.

If I were you I'd take the $1,200 you were going to spend and just working with a quality broker to get the personal line of credit to start building up your LOC's and business credit.

If you need more information just email me.

David H.

Hey Nick:
I just hit your youtube clips with 5 stars. Keep them coming.

I wanted to ask you what service provider do you use to negotiate and process your short sales?

I'm looking for a good quality firm (that covers New York / New Jersey) to work with so that I can outsource the tedious work.

If you'd like you can private message me with that information.

Thank you for all your great help.

David H.