Real Estate 2024: Your Credit Score Matters
Today we are going to discuss why your credit score really matters. On average, we talk to 20 to 25 investors a day. Many of them are facing a number of hurdles that are not only impacting them, but their investments as well. By looking at the patterns that we have seen over the years, it allows us to better meet the needs of our clients. How can your credit score impact your success as a real estate investor? Let’s take a closer look.
Credit score obstacles.
Your credit score can often hinder your success in real estate investing. Over half of our calls are from people who have a score that is too low for them to get what they want. For example, we have a guy from Texas who is trying to get his property refinanced. While the property is great and he has an amazing tenant, his credit score is too low for him to get the rate he needs to cash flow. By working on your credit scores and setting things up right, you can achieve the credit score you need to get what you want.
Business credit cards.
Getting business credit cards is the #1 thing that will help you achieve your goals in real estate investing! Those who are able to get business charges off of their personal credit cards will in turn open up a lot of funding options. Struggles with credit scores is often the cause of people getting out of real estate investing. Don’t let this happen to you!
Increasing your credit score quickly.
We have a lot of different options available to investors that will help them get their credit score back on track in a matter of weeks!
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Usage loan
A usage loan is used to pay down credit cards by using a private loan. As a result of paying down the credit cards, it raises your credit score. By increasing your credit score it will then allow you to refinance and buy your next investment property.
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Business credit cards
We can not stress enough how important business credit cards are! By setting up business credit cards instead of personal credit cards it will help to increase your funding options. The majority of business credit cards do not report your usage. Therefore they are not hurting your DTI or your credit score. Make the change today and see the effects it can have on your credit score!
Are you on the right path?
Contact us today if you have any questions about how to get started in real estate investing! Do you have a property in mind? Send us the numbers and we will see if it is a good investment opportunity for you. Since your credit score and funding are such crucial pieces to your success, it is important that you know them before diving into a deal!
Watch our most recent video to find out more about Real Estate 2024: Your Credit Score Matters.