All Forum Posts by: Account Closed

Hello Bryan:
Sure no problem. I will share with you the experience my business partner had in acquiring this line of credit. As a note of full disclosure my business partner had to go through a broker to obtain this line of credit.

My business partner completed a two page application form. The bank ran his credit. In two weeks his credit card for the LOC, starter checks, and welcome kit was delivered to his home address ready to use.

Here are the details:

Introduction to Personal Line Of Credit:
-Unsecured Personal Line of Credit
-Up to $50,000 approved.
-No Doc Required
-Approved in 2 Weeks
-Issued from a division of B of A

Details:
-First year interest only payments @ 1.99%
-Open check book up to L.O.C.
-Open credit card account attached to L.O.C.
-800# for wire transfers

Right now form what I've seen in the capital markets is that it's impossible to get any credit for startup companies.

From my experience open up a few LLC's with generic names and build up the paydex scores slowly over a course of 2 years.
After 2 years have passed and you've built up the paydex scores then you should slowly apply for BLOCs.

But for the momment if you do come accross unsecured personal lines of credit from banks then I would use those funds for now until you are able to open up BLOCs under you LLC after two years.

I hope that helps.

David H.

Hey Nick:
Thank you for allowing a new investor like myself see how the actual calls go with realtors when it comes to short sales. It was very productive and I hope that there are more videos to come. Keep on making the funny faces and I think your youtube hit rate will go up even more.

David H.

Sometimes it's best to go through quality business line of credit (BLOC) brokers to get BLOCs because they have more access to lenders and know how to submit complete applications to the lenders. Even if you have to pay the points (can be paid out of the BLOC) as long as the fees aren't too costly and the terms of the BLOC are competitive I would consider all options.

It would be a time consuming task to go directly to all of the lenders when the broker who has had the experience with the lenders can save the investor the time and energy to guide you directly to the lenders that will approve you and not waste time.

In my view it's all about finding the path of least resistance when it comes to obtaining BLOCs. Wouldn't you want to use the saved time to actually work on deals?

David H.

P NW:
Through my early research here are a few regions that seem attractive for student housing real estate investing.

-Rochester (RIT), NY
-Philadelphia (Temple U), PA
-Boise Idaho (Boise St.), ID
-Central Florida, FL

If you know of any other regions of growth within the student housing market your input would be greatly appreciated.

David H.

Matthew:
Thank you for writing out that post. Since I'm also a new investor it's helped me to gain some insight into what it will take to form networks with quality investors within the investing community. Keep up to the good posts.

David H.

Dear BP Community:
I wanted to see if anyone within BP has ever bought a pre-existing LLC? If so what was the process like? Did you need any attorney to handle this?

I'm currently looking to buy a shelf LLC located in New York or New Jersey that has been open for two years of more which the owner hasn't had any type of business activity.

If you have an LLC located in NY or NJ that has been open for more than 2 years, please private message me to discuss further.

Any help on this matter is greatly appreciated.

David H.

Steve and P NW:
Thanks for the good feedback. I will definitely put that information to good use when networking within the BP Community.

David H.

Welcome to the BP Community Jermaine. I'm also a new member from New York, looking to network, learn, and work on deals with quality contacts.

David H.

Dear BP Community:
When it comes to networking within the BP Community to find quallity people to work with what are some due diligence practices that investors can do to minimize the risk as much as possible?

The due diligence procedures that I've come up with so far are:

1. Scour the BP Forum to find out any information on the contact or company.
2. Seek references for the contact.
3. Seek information on past deals that the contact has worked on.

I do understand that it is impossible to eliminate risk but as investors it is our responsibility to manage the risk as much as possible in order to accomplish our goals within real estate.

Constructive feedback is welcome within this post.

David H.

Congratulations on our first deal Samuel. I know that it will be of many more to follow in your real estate investing career.

David H.