Tag Archive for: personal credit

Set your business up for success!

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Starting a business but not sure where to start? Today we are going to discuss 5 simple steps to set your business up for success! 

First: Personal credit

Set your personal credit up for success by focusing on the areas that need improvement.

Second: Define the business

Decide what the business is and how many businesses you want.

Third: Pick a name

Decide the name the business and decide if you want a parent company. A parent company will not only simplify things, but it will also smooth things out for the banks for future financing needs.

Fourth: Create an EIN

Register the company with the secretary of state. Setting this up correctly will ensure that the company is seen as a business to both lenders and clients.

Fifth: Set your goals

Be clear with your goals! Determine where you want to go with your business. This needs to be done first and foremost when starting up a new business.

Contact Us Today! 

Set your business up for success today? Contact us today to find out more!

Free Tools For You! 

We also have free tools available! Download the 5 ways to start a business with $0 to find out more about starting a business.

Learn more!

Visit our YouTube channel to learn more about real estate investing and how you can maximize your profits! 

Learn more!

Visit our YouTube channel to learn more about real estate investing and how you can maximize your profits! 

 

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Real Estate Investing: How Important Is Your Credit Score?

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Many real estate investors ask “how important is your score?” when looking at financing options. In a nutshell, your credit score is like your real estate reputation. It tells lenders how trustworthy you are when it comes to paying back loans. But how much does it really matter in real estate investing? The answer: it depends on your goals and the type of loans you need.

Financing Options:

For example, if you want a traditional mortgage, your credit score plays a big role. A high one could mean lower rates and better terms. But if you’re using a loan like a DSCR (Debt Service Coverage Ratio) loan, lenders focus more on the property’s income than your personal credit.

The Power of Cash Flow:

Let’s say you’re buying a rental property with solid cash flow. Even if your score isn’t perfect, a DSCR loan might still work for you. On the flip side, if you’re planning to fix and flip homes, hard money lenders may prioritize the deal itself over your credit.

Save Money Today:

While your credit score isn’t everything, it can save you money. Higher ones often unlock lower rates, meaning smaller payments over time. But don’t let a low score stop you. Real estate investing has many paths, and you can find one that fits your situation.

So, how important is your credit score? It depends on the path you take, but knowing where you stand is always a smart first step.

Contact Us Today! 

How important is your credit score based on your investment goals? Contact us today to find out more about common mistakes and how you can get back on track.

Free Tools For You! 

We also have free tools available! Download the Credit Score Checklist to see if your credit score is in the right place for your investment needs.

Learn more!

Visit our YouTube channel to learn more about real estate investing and how you can get on the fast track to success! 

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