UNSECURED BUSINESS LINES OF CREDIT

Tom Kish is the founder of CashFlowExperts.Biz Inc. Tom has been a friend of mine for many years, since 2002, and I have had the pleasure of going out and looking at real estate with him, and well as playing cashflow 101 at his kitchen table with friends.  He is a great guy, very nice, a hard work ethic, and really enjoys seeing others success.  One day you could meet him also at one of his seminars.
Tom Kish wants to show you how to get a $200,000 to $300,000 business line of credit. And check this out Tom claims it won’t show up on your personal credit report.  Tom is known for helping those with decent credit or those that know someone with a decent credit through an LLC to get unsecured new, start up, or small business lines of credit.  Throughout this article I hope to answer the often asked question by many of you out there on what is a business line of credit.  The trick is to know which lenders will provide this business line of credit and what they see as a strong business credit profile.  Some of the tricks in the past have been known to be stated income business line of credit. Tom stays up to date on the latest lenders and tricks to get the most out of this business niche.  Tom’s program (as seen in the photo above) is named “Ultimate Real Estate Investor’s Guide: How to create wealth without using your own cash“.

In the past you have probably researched how to find secured lines of credit. But why would you do “secured” when he can teach you how to obtain business credit.  Tom can’t yet, show you how to get a million dollar line of credit, but Tom is already almost 1/3 of the way there with his very own nationwide system for $200,000-$300,000, he created for how to get the best bank loans when you apply for a business line of credit through an application to get an account.  Tom has been involved in this business credit niche for many years, and is a leading expert on the speaker circuit. Tom wants to show you his easy step-by-step system.

Tom does have a trademarked system that he would like to show your bussines how to get express business lines of credit. Tom calls this system his  shortcut to success. Not only can he have you learn how to get a business credit card, and learn how to compare what’s best for you. If you don’t have prime credit, but instead have bad credit you may want to find someone to partner with, that has good credit and a corp or LLC, to make this system work!  You may even want to use your credit for the lenders and use it for real estate.   Tom has a lot of follow up systems after you buy, such as tele-seminars, and help calls for his students, so it’s kind of like having your own credit forum to read on for business.  Why would you go to a credit broker when you can just go with Tom’s system.  Tom is offering a guaranteed system, even look on his website, he says so!

Let him tell you which US banks will lend to you on this credit.  Included in his system are audio CD’s and a printed manual.  His website has a lot of testimonials to look at well.  Currently he has a few bonuses also included on his website at this time. These 4 things below are examples of what will be included…

• A complete list of our national lenders that actually want to give you the money. You can use a business name that you have already established or start a new one tomorrow and go get the money immediately. These are all banks every one of my clients and I personally use. This program will teach you exactly how to fill out the paperwork so that the money is handed to you NO QUESTIONS ASKED. You must KNOW which of the six kinds of general business classifications DO NOT qualify for the MAXIMUM credit lines available.
• Easy-to-use Partnership documents as examples of five ways to attract money partners into your new venture. You can quickly become the CEO of your own profitable new business venture when you have the forms and scripts to attract people with money to invest in your ideas and real estate deals.
• A complete collection of pre-printed real estate forms. It takes the pain out of finding the paperwork. All the hard-to-find forms you need are right at your fingertips.
• Access to HUNDREDS of hours of LIVE and recorded telephone training calls. You’ll pick up loads of profitable ideas and tremendously useful information just by listening to our many FREE training calls. We even offer a special call to help you get started quickly. And many hard-to-find HIDDEN real estate deals and business opportunities are revealed just to members on these calls.

Let this program guide you in the right direction to answer questions about other questions on the topics of: credit checks, no doc, credit calculators, interest rates, requirements, and terms. If you don’t find some of these, and other questions answered in this program, Tom is going to have the recorded phone calls and other calls that where he puts his students on the phone on calls, so that he can help his students be successful.  To check out this system and read much more online please go to CashFlowExperts Click Here.

Minnesota Short Sale Homes

Ron did a longer more detailed article at this link for minnesota short sale homes

This article was written by Mario, a mn short sale process specialist….

I always submit the package to both 1st & 2nd simotaniously to get the

ball rolling on both because they are slow. I sometimes will have the

Estimated Hud1 going to the 1st say that they are going to pay the 2nd

2000-2500 knowing that the chances of them doing so is small and i send

the 2nd one saying they are getting 500 or 1000. Y would i do this?

Because it gives me room to negotiate and let both sides feel like they

got a deal. The 1st will normally says they will not do more then 1000 to

the 2nd and the second will say they will not accept less then

1000-2000 to release their lien. If i can get the 1st to pay even 1500 it will

make the 2nd jump a lot faster because they normally are stuck with

1000 and the first feels like they negotiated down on the amount they

were paying. one thing to always remember is that the 2nd is pretty much

forced to play along if the 1st is taking a discounted payoff. Once the

1st has shown they are taking a hit, you are simply convincing the 2nd

that they need to take the 1k-2k payoff. The trick with short sales is

all in the BPO. If you can get the BPO value down low enough you are

golden. Even if the 2nd puts up a fight because their bpo came in higher,

you can try to convince them to let you order a 2nd opinion on the

property (this works best if you are adiment about the bpo agent being

crazy and way off on his numbers. believe it or not if you keep pushing

they will usually break and put the bpo into review or allow the 2nd

opinion) and in some cases you can even get the 1st to send over a copy of

their BPO or appraisal even though they are not supposed to. when the

2nd sees what the 1st is going by… usually they break. 1 trick that

normally gets the 1st to give you their bpo value (crucial when

negotiating with the 1st) is to act like you already know what it is. Call and

talk to the account rep a few days after they recieve it (they dont

remember what they already did and didnt tell you because you are 1 in 300

files) and say this word for word in normal conversation about the bpo

coming back “yeah well, now that the bpo came back at …… (has to be

lower then you think it really came in at/make sure it is lower then

what you are shooting for) what else do you need from me to get this

approved” like they already told you and I will bet you money that they

will come back and say “no…. it didnt” then you say “that’s weird,

thats not what i was told, are you sure?” say it with conviction and they

will say.. “let me see something” they will say “looks like it came back

at ….” and bam you know what you are working with. they can usually

play within 10-15% of that value depending on the lender. at least you

know you are in the ball park. Bring that value back to the 2nd and rub

it in their face that they have no chance getting more then what the

1st agreed to because the 1st sees the house valued much lower then what

they are owed. The more confident you talk to these people

(respectfully of course) the more they will take you seriously. When i first

started i thought that policies were stiff and the mitigator couldnt get

things pushed through but you would be suprised what a little pressure and

posture will do to a tough deal. This business takes a little hustle

but when you get it down, life gets a little easier and deals are more

predictable (faster too). Hope this mini book helps you.

Minnesota Short Sale Homes

This article is written by Mario who has experience doing mn short sale homes

Yes you are right about making sure you have the authorization letter

in and that you are polite with the mitigators. Sometimes its as simple

as making sure they recieve the letter because these lenders swap

numbers around like shoes and there is no way to know if you got it to the

right people. Give you an idea of the process to ensure you are not

doing anything wrong and then if it them being dumb how to get some reply.

1) make sure the lender you are working with is worth working with.

Some people may disagree but i know the lenders I will and will not work

with because some lenders are just not worth dealing with. The only way

you will learn this is by doing enough deals to learn their systems. I

will tell you the main ones i will not touch. Wells & ASC which is a

servicer of Wells’ risky paper. I recently had a house with a 410k

mortgage with wells and i was only looking for a 30k discount (nothing!) and

they let it ride all through redemption and took it back. there was

absolutely nothing else i could do. So make sure the lender you are

working with is worth it.

2) Contact the lender at the before you do anything and ask where to

send the Auth Letter and see if they will send you a “short sale package”

(sometimes referred to as a workout package). This is simply a check

list of what is needed and where to send it when you have it. sometimes

they will send a borrower financial statement that the borrower needs

to fill out to tell the bank what the borrowers finances are looking

like. Sometimes they will not even give you that until you send the Auth

letter and in that case fax the letter over and 48 hours later call in

and request it. This simple step can make a big difference. Sometimes i

get a little cocky and figure i have done it so many times that i know

what they need… and every time i end up holding the deal up because

they changed the needed docs and it puts me back in my place. With this

also make sure that you give them EVERYTHING they want at the same

time. do not send 1 thing in at a time and to make it idiot proof for these

people put it in the order that they have it written on their

checklist and make sure it is obvious what each thing is. Include acct numbers

on top of EVERY page. These people dont care and they will not take the

time to look for things. On cover sheet make an index of what is

included in the packet and the order they are in. Some lenders time stamp

you and if you request the shortsale pack and take too long to get the

requested info in they will close the file. Usually if you send most of

things in and miss something but they dont call you to tell you. There

is a good chance this is y you are not getting a response to your calls.

Resubmitt the FULL packet and attempt to start it over. I went 2

months one time with no response for that reason and never knew it because

no one would return my call to tell me. also on the cover sheet Write in

big letters “URGENT - FULL SHORT SALE PACKAGE” you know most people do

that but The word full is important because it tell the lazy people

that they have a pack that is ready to go and less work on them. if a

sheriff sale date or end of redemption is coming soon put “REDEMPTION ENDS

2/14/07!” to set a sense of urgency.

3)Make sure that when you submit your packet you followup every day

after to see if your packet has been processed. These banks are large and

it sometimes takes them a couple days just to put your packet in the

system to start the process. Each time ask if a mitigator has been

assigned to the file. The reason i say this is because the mitigators get

tons of files everyday and they easily overlook yours unless you stay on

them. You want to talk to them the second they get it on their desk. If

the say there has been someone assigned to the file then ask right away

for their name, direct number, fax, and email (depending on the bank

they may not give you that) but if you get their email… Game Over! Now

begin contacting the mitigator directly from there on out. A little

tip for you… their phone systems are all similar and after a while you

will start to learn your way around them. If you are not getting calls

returned by the assigned person start to call the loss mit number and

when they ask for the ext number dont hit anything and a lot of times it

will bring you to a random rep (sometimes it is even an option to

press extension or wait for next available rep). When someone hops on the

line explain to them that you have been attempting to contact “John” the

assigned person and he has not returned calls for a few weeks. I have

had other people take over the file and help me out and get the deal

done in a very short period of time. These mitigators take more

vacation/sick days then any other profession i have seen so far. So a rep may be

out of office for an entire week and let all their files just sit

there or i have even had a rep get transfered out of that department or

laid off and no one takes over their files. If the person that gets on the

phone is blowing you off and seems to busy to deal with your file then

politely tell them that you know they are very busy and you dont want

to waste their time and to put you through to a supervisor. most likely

they will just to get you out of their hair. When they do this… it’s

like getting the deal on a silver platter because now when the

supervisor puts u with a new rep, you can always go back to them and tattle on

the rep if they are not doing a good job and the supervisor will put

some fire under their but and sometimes take over the file themselves.

If you still have no luck, call customer service number and ask what

the mailing address for Loss mit is and mail them the full package with a

cover letter explaining how it has been impossible to get in contact

with them. Send the letter priority so you can see when it was recieved.

Also send Faxes with the same letter to thier main fax line addressed

to Loss mit supervisor. Do that 5 times a day and it will eventually

annoy someone handling the faxes enough to do something about it.

Hope this stuff helps. Just make sure you submit your stuff right

because 99% of the time it is our fault they cant move forward, do to our

laziness!

Ron did a longer more detailed article at this link for minnesota short sale

Minnesota Short Sale Homes

This article is written by Mario  Mario is a agent who specializes in doing mn short sale homes

Yes it does help to have friends in the business. Dont be afraid tohave the closer do some work when preparing to submit the package to the

lender. the closer will understand that it is a needed step in the

process. When i started doing shorts, i didnt want to call my closer and

have them do anything until we were getting ready to close because i felt

like i was wasting her time, so i started looking around for software

to do huds or get a blank one and do it myself. I made mistakes and my

closer got mad at me because it made her job harder to fix the problem

then to just do it right the first time. It only takes them 3-5 mins to

put one together but you want to make sure all their fees are accurate

and let them do a little footwork to check on tax assessments and

association dues. You need to put together a good real estate team and a

good closer (not always your closest friend, because u need to be able to

fire them if they are not performing. you cant fire aunt jenny!) is a

key part of the team as well as a good agent, appraiser, inspector,

contractor, mortgage broker. all im saying is let them do their job and you

do yours. I promise they will charge you for it either way! a great

team player is not someone who can cover everyones position, it is

someone who plays their position the best and knows when to pass the ball to

the other players to do their plays.

Ron did a longer more detailed article at this link for minnesota short sale

Minnesota Short Sales Homes

Ron did a longer more detailed article at this link for mn short sale homes

This article is written by Mario….

I have an answer for you on these questions. I am a licensed agent and

I also buy. (name) your comment makes sense coming from an agent but as

for short sales it is not true. When I buy and when i represent a

seller are two different types of strategy but when i buy i 99.9% of the

time will not send over a listing contract because i buy direct from

sellers. My listing contract doesnt get filled out until i sell (paying

myself/company commission). When you begin doing mn short sales regularly you

will see that rules can be broken and exceptions can be made. Certain

lenders will ask for a listing contract and if you dont have one you

tell them that you have not listed it. The majority of lenders will tell

you that you need to submit a written explanation of why u have not

listed the home and in that case all you need to explain is that you were

selling the house for sale by owner because the amount you owed was more

then market value and you couldnt afford to pay an agent out of

pocket. you have to understand that they lender deals with ignorant people

all day and the majority of people in this situation dont even know they

can short sale their house until they have someone approach them about

buying the house and says they can only pay less then what is owed. If

they say you need to list the house before you can submit the package,

they are lying, and you need to speak with another loss mitigator. If

you explain they will understand. the reason i disagree with 4rmgt is

because he is telling you that you should list the house with an agent

because they will see you have tried to effectively market the house. You

need to remember that the lender is simply looking at their bottom

line. If they continue to tell u that you need to list and you already

have a buyer then the person is brand new in that department and you need

to speak with their supervisor. With an offer already on the table…

would you (the lender), want to pay an additional 3-6% for no reason…

No. And by the way, most agents dont have a clue how to do a short sale

and end up blowing the deal or making the bank take much longer then

needed. I strongly suggest you read some of my other posts and see how i

go about submitting and negotiating with loss mitigation. Dont listen

to agents because MOST dont understand a simple retail transaction let

alone dealing with a bank. PS. there are a few good agents that do them

well but not many because they still structure it like a retail deal

when its not.

Your questions about the hud… you should not be doing the estimate

hud1. you need to pass the purchase agreement on to your title company

that you will be closing with and tell them that you need an estimated

hud worked up for the sellers lender and make sure to tell them it is a

short sale and to zero out the “net to seller” and have any proceeds

goto the 1st mortgage. The catch is that title companies are sometimes

ignorant to this type of transaction too. so you need to find a title

company that does them REGULARLY and they will know how to set it up. the

sellers bank doesnt care about the buyers side of the hud at all because

it doesnt effect them. so when you get it from the title company it

will usually only have seller side on it. Make sure to tell the closer

that they need to include any tax assessments, back due taxes, back due

association dues, and any unpaid utilities like city water bills. The

lender will pay taxes and association stuff and usually pay the unpaid

utilities (not gas or electric or cable. only bills that would need to be

paid before title transfers). if not at least you asked and if they

say no then you can always negotiate for buyer or seller to bring funds

to the table to cover them. The worst thing you can do is not do your

due diligence or have your title company do it because all it takes is a

back due association bill for $800 that was not noticed until 2 days

before closing to blow the whole deal. take your time and make sure all

those things are on the hud in the beginning for the lender to cover.

Ps. for any agents that get offended by the way i refer to agents, i

did say that i am licensed also. I am for peace and not war, just want to

help.