Posted by Jeffrey Charter on March 21, 2001 at 03:39:12:
I didn’t think you would respond to my post, I thank you for your advice. I would surely look into this
Credit lines - Posted by Jeffrey Charter
Posted by Jeffrey Charter on March 20, 2001 at 01:49:35:
Where would a person go to get a 20k credit line that has no equity in property, small income from job, but ok credit. Is this possible at all.
thank you
Re: Credit lines - Posted by Ed Garcia
Posted by Ed Garcia on March 20, 2001 at 09:47:32:
Jeffery,
First of all you can approach a bank and tell them that you’re interested in a small credit line. $20,000 wouldn’t be out of line. Many new investors in your shoes, utilize their credit cards as a temporary credit line, so that may be a consideration for you as well.
Jeffery, I’d be careful what I tell the bank when giving the reason for the credit line.
If you tell them it’s for down payment to purchase property, they may be concerned about the payments on the property that you buy and with your small income that you might be over obligating yourself.
Ed Garcia