Thomas Kish - Business Line of Credit

[Hollyberries]

Hello,

I've been surfing the internet and found Thomas Kish's website by accident. What do you know about him? He claims that he has a trademark secret. He said his course can help others qualifiy up to 250K business line of credit and use the money for real estate investments as they see fit.

My question... Is it smart to have a business line of credit for the purposes of real estate investing? To me, the idea of getting into debt for the purposes of investing doesn't sit well with me. However, I do see the value of having ready cash in order to complete deals, or complete a rehab project, etc.

Your thoughts?

[Swirlaze]

..

[mrgino]

dont do it, its a scam

[mrgino]

Here is the complete version of the course:

Set up entity.

Have five figures cash or find partner who does.

Deposit in bank.

Wait three months.

Have 700+ Fico or partner who does.

Apply for biz LOC/CC

Use cash to buy and flip properties.

Rinse and repeat.

Seriously, there is tons more information on CB for free than this guy charges for.

[mrgino]

I have not bought it, but he has been sending me emails about business credit 200K without pg. but I seen one of his post in another forum because he used part of the business name in the post, and he was saying that he has been working on business credit for about 6 months but in his emails he says that he has been in business for about 2 years.

[ginasands]

Please point us to the "free information"  I have been using this course.  A lot of information was "new" to me and has helped my partner and I do "deals" that we would not be able to accomplish without this knowledge.  If this information is "free"somewher" I would gladly point people to it.  Thanks

[BoboTheKing]

I automatically put up a red flag when I see a phrase like "trade secrets". I would not waste my money.

[campbellgroup]

Hello,


My question... Is it smart to have a business line of credit for the purposes of real estate investing? To me, the idea of getting into debt for the purposes of investing doesn't sit well with me. However, I do see the value of having ready cash in order to complete deals, or complete a rehab project, etc.

Your thoughts?

No offense but what the heck do you do with credit /card/line/however you want to classify it if you dont reinvest it..The purpose of CREDIT is to reinvest it to make more cash so you can use the credit or OPM (other peoples money) to make yourself rich.You need to REeducate yourself on the principal of using credit the RIGHT way.

[fadi]

Hello,

I've been surfing the internet and found Thomas Kish's website by accident. What do you know about him? He claims that he has a trademark secret. He said his course can help others qualifiy up to 250K business line of credit and use the money for real estate investments as they see fit.

My question... Is it smart to have a business line of credit for the purposes of real estate investing? To me, the idea of getting into debt for the purposes of investing doesn't sit well with me. However, I do see the value of having ready cash in order to complete deals, or complete a rehab project, etc.

Your thoughts?

I think your confusion comes from the common fact that credit cards are commonly considered personal debt and we worry about them on regular basis. When it comes to RE investing, you need to readjust your thinking regarding them. Credit Cards and line of credit are no difference than the mortgage loan except they have higher interest rate.
The idea is not to buy on credit or line of credit and just pay it off. The idea is to do quick closing to win the deal, and/or fix it and then refinance to get your money out and move on to the next deal.

[Hollyberries]

Many thanks, Fadiz. I've been taught since childhood not to get into debt. You're right. I will need to change my mindset when it comes buying credit in order to invest.

[motorcityinvestor]

How hard is it to get a business line of credit for a newly created llc? Anyone who has a business line of credit how long were you in business before you got a line of credit? What steps did you take to get a line of credit?

[JeffInCT]

Real Estate debt is good debt.

[kdhastedt]

<<Real Estate debt is good debt.>>

No, Real Estate is GREAT debt!

Woo Hoo!!!

Keith

[David A. Hurlbrink]

  There's only two times a banker will call you sir, either when you have $1,000,000 on deposit with him, or you owe $1,000,000 to him. In this biz, a million in debt is a million in NET!!!
Good investing to you all!
Dave

[TonyDiCorpo]

How hard is it to get a business line of credit for a newly created llc? Anyone who has a business line of credit how long were you in business before you got a line of credit? What steps did you take to get a line of credit?

unless u r fortune 500, u will have to personally gaurantee any LOC, and for that u will need to have EXCELLENT credit.  Not good, not great, but EXCELLENT.  usually 720 min FICO and no BK's, CO's or lates.

just becuz u have an LLC or corp, does not mean u can get credit easier.  it takes time to build it.  the major cc's and loc's come a lot harder.  go to www.creditboards.com and read up on building biz credit.  u'll be happy u did it.