It seems to me what you might want to do is get a business credit line of about $100,000.00 and keep doing what you are doing. If you make $20K on every deal and you do 5 of those a year and document every deal, every expense and income and also build a relationship with your local bank branch you will be in really good standing. In a year there is no reason you should not have a credit line of $250K or more.
Remember to post your success story here so we can cheer you and learn from your success.
Best regards,
Zinzi
Posted by MrRandt on February 03, 2007 at 17:35:31:
I have 6 income properties, SF up to 4 units, my wife owns 2 SF, and my brother owns 3. All are city properties in Upstate NY. All have mortagages. My wife and I have about 2 years in, my Brother about 1 year.
We’ve pooled our money and in January purchased a SF Rehab for 9k cash. (Prior owner had a long run of bad luck and wanted out now.) We are rehabing now, basically gutting it to the outer walls and rebuilding everything inside, including coper + sewer, new floors, wall removal, complete kitchen, and bathroom replacement. Outside it has newer siding, replacment windows, and roof. We are buying an empty lot next door to double the size of the property.
My question is this, now what? We plan on having the rehab complete March 1st, and having the property rented for 650. It will appraise for 50+k. We want to keep the property but get about 20-30k out for the next deal. The house is under my brothers name and he has 750’sh fico. Both my wife and I have low to mid 700’s. I’ve work full time past 12 years at the same place, and my bro about 8 years same place.
What are our options? We also are looking for a good financial representitive for future purchase/refi’s.