You know my stance at this time regarding banks versus other sources of money. Here, I just have real life examples of why its not even worth going to banks, and you should always consider alternate sources of funding.
TL;DR: 2 banks either turned me down, or gave me a huge application, where I was able to walk into a credit union a day later and get exactly what I wanted at comparable interests rates, in 10 minutes. Why did I bother: I just really wanted to make sure I wasn’t over reacting with my heavy aversions to banks.
Use them for your free business checking, and that’s it! Don’t let them get a dime of your money.
6 Comments
Your great this is what my vision always being start low not much risk.
Thank you! I try to share to with everyone: Just because a bank says NO, they wont lend to you, doesnt meant that you are not credit worthy, or a good investments. I say blow that out the way, and lets find a place where we can take part in financial products for our real estate investing, and not give them any of our money. Don’t forget to subscribe, I have a LOT more coming!
I can’t wait until you pay a visit and see my situation. I know I have some
type of credit score issue. But I also know it is not because of a
bankruptcy or foreclosure. In hindsight though, it could be serious. It
could be from my education tuition loans, I don’t know. Either way, I’m
really look forward to your visit to New York City. Great vid, thanks!
Thanks for the advice. I may need to see a credit counselor as you
suggested. Im 22 years old and have been paying all my bills on time for
the past 12 months and still can’t get my credit score above 600!…Its so
aggravating.
was this line for the LLC or a personal line of credit?
I just binge watched your first 17 videos. This is a great series so far
and I plan on watching the rest. I am the same age as you and only have one
rental property. I’m going to try buying two or three more in the next 12
months.
But back to giving you praise… your videos are really awesome. It’s
really hard to find real estate videos where I don’t feel like I’m watching
a car salesman who is trying to tell me I can be a millionaire in two years
or some other nonsense. I have the exact same investment philosophy as you
do and I even read Rich Dad the same year as you! When I bought my first
property I was living there and started renting a room out to a friend and
realized that they were almost paying my entire mortgage payment. It hit me
like a ton of bricks just like you said it hit you. I moved and rented the
place out to a family and I have a positive cash flow on the property, even
after paying a property manager.(although not much) So basically it’s
remarkable the similarities between your story and mine. I even like your
video on the ups and downs of the market and I talk about this all the time
with people who I don’t think understand it. But anyway, amazing job and
good luck on your future real estate investments.