Re: Help I Need A Credit Line - Posted by JT - IN
Posted by JT - IN on June 30, 2001 at 06:12:23:
David:
What we all want, and what we end up accepting, are often two diffrent matters. It seems that you are off and running, with lots of things going your way. What you are asking for, as a first year full-time investor, may not be realistic, as your banker is clearly pointing out to you.
- Why not try to move the $ 50K LOC to $ 100K LOC.
- After making the purchase on the 2 homes in the next couple of weeks, then mortgage those two, to as close to FMV as possible.
You can surely get to where you want to be, but patience and smaller steps are going to be involved.
As your Banker said, they have been burned by RE investors before. It is very easy for new and experiecned investors, alike, to oversimplify this business, and get the wrong foot in front of the other, spelling financial disaster. A slower growth rate for your business is not all bad, and when you reach the point at which you desire, you will have a better appreciation for what it has taken to arrive there.
JT - IN