Posted by LaShanda on July 28, 2003 at 10:41:05:
Well, I really didn’t have a choice in the matter. I was laid off a couple of months ago. My boyfriend is going to be my partner for employment purposes since he has a job with very high income and stability, ten years. I was thinking that this would help the bank see me favorably since I’m unemployed. What do you think?
New Investor…Please Help! - Posted by LaShanda
Posted by LaShanda on July 26, 2003 at 21:06:37:
I have been researching REI for the last two years and I need some advice on getting started. I have managed to save $40K of my own money and I have FICO scores of 750. I have several areas of interest which include: flips, rehabs, rentals, courthouse purchases, small unit apartment complex, salon suite leasing, etc. I am currently trying to secure a LOC with a bank, any suggestions would be greatly appreciated. I want to build up a portfolio of investment properties that will show favorably to the bank. Since this will be my full time job, I need to strategically plan my long term investments so they don’t negatively affect my borrowing power. If you have any advice on how or where I should start please feel free to respond. Thanks in advance!
Re: New Investor…Please Help! - Posted by patrick
Posted by patrick on July 27, 2003 at 14:23:52:
usally in a letter of credit they use quity in real estate as a bases of a LOC but since you dont have any YET then they would have to use the cash.
Take your time I jumped right into a big deal and really messed up start off with a couple flippers then go into multi units or whatever your interst is in REI
Re: New Investor…Please Help! - Posted by James Strange
Posted by James Strange on July 27, 2003 at 01:44:20:
I only see one thing that can affect your buying power. I hope that you do not plan to quit your job.
Even with your great credit and liquid cash not having a job will be a biq question to lenders.
James Strange