Posted by Luke Hoppel on May 22, 2006 at 21:40:51:
This message is directed at Ed since he seems to know a “little” bit about finance but any other input would be appreciated.
I’m seeing all these seminars and courses offering to teach you how to go from your current situation to 50K lines of credit in as little as 2 months.
I’m getting out of the Marines in 5 months. I’ve been studying real estate investing for the last 2 1/2 years. I have a good base of knowledge. I’ve only bought one duplex but I think with what I’ve learned I’m ready to go full time. I’m by no means an expert but I do make things happend and understand learning as you go.
So I have some cash saved up and have located the market to work in. I’ve analyzed the market and it’s awesome!
So I’m setting things up right now to go full time. Don’t try to convince me to get a job and start part time. I know the risks I am taking and am prepaired to do so. I am 23, single, no kids and am going to take this leap.
So after saying all that, some biz lines of credit would be great as a cushion and as extra capital.
Is it true that upon setting up an LLC, you can obtain these biz lines of credit? Say, under 50K?
I understand that a track record would be needed to go over that. It only makes lending sense.
I understand I am more than likely going to pay prime + 2-7 but that’s ok with me.
I have great credit by the way if that helps.
Thanks for your help Ed and I’m currently checking references and considering one of your workshops. Maybe I’ll see you there.
Thanks in advance for all the advice and negative advice is welcome as well. To me it’s just as good as positive advice.