I am househacking, a duplex,i pay $400 of my mortgage, bu5 i dont have an l.l.c , so i discovered your channel to learn how i can scale a business and increase knowledge ❤❤
Just stumbled onto your account after claiming my first LLC entity! Bro, this content is gold. I have a good past of determining accounts that will blow up, and you're NEXT. Keep doing what you are doing my man.
Congrats bro! We always gotta switch our mindset to “How can I afford it” instead of “I can’t afford it”….. im looking to buy my 1st rental property in a few months
@@Ralphmeansbiz i’m actually going to go the conventional route. I’m setting myself up right now to purchase a single-family home and run it as a short term rental to have it produce me some cash flow. Her in southern Cali I can’t legally get an FHA & rent it out on Air BnB right away. Im trying to do everything the right way 😎
Congratulations!! This is exactly how I'm trying to break into real estate as a first-time home buyer. Thank you for sharing your journey and giving people a jumping off point and motivation 🙏🏾I look forward to more content! Sky's the limit! Let's get it 💪🏾
Thanks for watching Bag Chaser. I completely understand. BUt there are plenty options including real estate, car rentals, even a service based business. It's all about what you want to do & have the resources for. We can schedule a 1:1 strategy session to dive further into this whenever you're ready! 🫡💰
Airbnb both duplexes. It doesn’t matter if it’s in the hood or not. My duplex in one of the worse neighbor in FL was extremely profitable after I learned the market. 2 years later I marketed it as a business with proof of income and high cap rate and sold for $150k over appraised value.
You didn't include how you purchased the second property. FHA loans are only one loan at a time, correct? So what capital did you use for the second home?
I only have two credit cards and on my credit report it states I don't have enough revolving credit and not enough open accounts. I ONLY have two credit cards open and my high student loans account balance that shows on all three credit bureaus reports. Everything else is closed paid as agree on my on my credit report. How do I increase all three credit bureau score to 800? Should I be looking into getting another credit card like a business credit card or just another card. I want to create a website for a business and thinking on getting a card just for those expense. Do you think it a good idea to get another credit card with the same credit card company? Or should customers have different cards with different companies?
Hey, Dy’Zonn. First you need to figure out what your ultimate goal is & then you can build a plan around it. If you want to do a deep dive session feel free to schedule some time on my calendar to discuss anything you like. Schedule here: www.thelegaltrapllc.com/bookings-checkout/general-one-on-one-business-consultation/book
Ralph let’s connect I am a real estate investor with an LLC and a self directed retirement account but I need cash outside that account. I need to learn more from you
I have a 750 credit score and got denied by Navy Federal. 8m retired military on a pension and have usaa(15years) im 34. Was making my 3 bank day and now...trying to make a move without it being wrong. Wanted to do turo first then properties.
You must likely have a high risk industry business if they wouldn’t open it for you. You can either change the type of business or start a new LLC that is not high risk industry.
by the way, you mention its 580 minimum, but its actually 600 (i havent found any less than that)... and my score is unbelivable - 598, only 2 lousy points below minimum... and since i have lots of bad shit on my report, i now getting a secured credit card to up the score a bit... or is there any way around it?
Nah, it’s still 580. You’re lender specifically is probably requiring a 600, the federal minimum is 580 though. Every lender may have their own specifications though, you can try another. Here’s a link to the FHA website: www.fha.com/fha_loan_requirements#
What’s holding you back from getting your first real estate property? Let me know below ⬇️
I am househacking, a duplex,i pay $400 of my mortgage, bu5 i dont have an l.l.c , so i discovered your channel to learn how i can scale a business and increase knowledge ❤❤
Just stumbled onto your account after claiming my first LLC entity! Bro, this content is gold. I have a good past of determining accounts that will blow up, and you're NEXT. Keep doing what you are doing my man.
I appreciate that Trae! I’m glad to hear you have your LLC. Now it’s time to run these plays & secure a bag! 🫡💰
Congrats bro! We always gotta switch our mindset to “How can I afford it” instead of “I can’t afford it”….. im looking to buy my 1st rental property in a few months
Thank you bro! Man you hit it spot on with that one. It’s all about the mindset change!
That’s love bro! You going to run this FHA play? 👀
@@Ralphmeansbiz i’m actually going to go the conventional route. I’m setting myself up right now to purchase a single-family home and run it as a short term rental to have it produce me some cash flow. Her in southern Cali I can’t legally get an FHA & rent it out on Air BnB right away. Im trying to do everything the right way 😎
The single family route. I gotcha! Good luck bro 🫡💰
@@Ralphmeansbiz thanx bro… im most definitely documenting my entrepreneurship journey on RUclips 🤙🏼
Congratulations!! This is exactly how I'm trying to break into real estate as a first-time home buyer. Thank you for sharing your journey and giving people a jumping off point and motivation 🙏🏾I look forward to more content! Sky's the limit! Let's get it 💪🏾
Thank you Na’Tyra! You can do it for sure, just run the play! 💯💯
💪🏾💪🏾💪🏾 yess rumble black man rumble I highly hype to do this
Let’s get it my guy! I appreciate you tapping in & sending you good vibes on your journey! Keep me updated champ 🫡💯
you dropping GEMs all over the place! one of the best video/channels on YT!Keep it UP!
I appreciate that fam! Nothing more important than knowing my community is getting value from my content! I appreciate you being here Bag Chaser! 🫡💰
I pray for knowledge and understanding. Appreciate the content 💯
Thank you for tuning in! Knowledge is the 🔑💯
Enjoyed your video but what if i don't have perfect credit to begin with
Start the process of getting your credit repaired & establish better credit habits.
@@Ralphmeansbiz I do want to invest in real estate but need to redo my credit
I feel you bro. Find a good credit repair company & start working on building a better credit profile.
@@Ralphmeansbizthanks for the advice I will
Thanks Ralph
Thank YOU for watching & engaging family! 🫡💯
Love your channel!!!! so motivating!!!!
Thank you so much! I appreciate you being here & your comment 💯
I have excellent personal credit. I'm just so confused on how to but that into a business and living comfortable.
Thanks for watching Bag Chaser. I completely understand. BUt there are plenty options including real estate, car rentals, even a service based business. It's all about what you want to do & have the resources for. We can schedule a 1:1 strategy session to dive further into this whenever you're ready! 🫡💰
@@Ralphmeansbiz I would like to schedule.
@@candisetyus4124 calendly.com/ralphmeansbiz/1-1-general-strategy-session
Airbnb both duplexes. It doesn’t matter if it’s in the hood or not. My duplex in one of the worse neighbor in FL was extremely profitable after I learned the market. 2 years later I marketed it as a business with proof of income and high cap rate and sold for $150k over appraised value.
Love that!! 💰🔥🔥
Great content!👍🏾
Thanks very much for posting it.
Did you purchase it in your personal name? or your business name?
I appreciate you watching Bag Chaser! FHA is only for the personal name.
Wow! Great story bro, congrats! What area is this?
Thank you my guy! 🫡 Philadelphia area.
whats up, boss, so how many of them FHA loans can u get? Or they allow only 1?
You can only have one at a time. Refinance out if it & run the play again 🫡💰
would that work with a VA loan
Check Google on the stipulations for a VA loan 💯
just need FHA and Multifamily Home. Do you need to work 2 years to get such loan?
Yes, you need W2’s to get approved.
Bro can you show us how to find some good properties
Got you brodie! I’m cook something up 😭
You didn't include how you purchased the second property. FHA loans are only one loan at a time, correct? So what capital did you use for the second home?
The same way. You can refinance out the FHA after a year then you can reuse it ♻️
@@Ralphmeansbiz Thank you sir!!!!!
Will an L.L.C prevent me from using fha or conventional in the future? I have a duplex, but it isn't covered under l.l.c
FHA can only be in your personal name. So you can have the LLC but won’t be able to use as FHA to buy in the LLC name.
I only have two credit cards and on my credit report it states I don't have enough revolving credit and not enough open accounts. I ONLY have two credit cards open and my high student loans account balance that shows on all three credit bureaus reports. Everything else is closed paid as agree on my on my credit report. How do I increase all three credit bureau score to 800? Should I be looking into getting another credit card like a business credit card or just another card. I want to create a website for a business and thinking on getting a card just for those expense. Do you think it a good idea to get another credit card with the same credit card company? Or should customers have different cards with different companies?
Hey, Dy’Zonn. First you need to figure out what your ultimate goal is & then you can build a plan around it.
If you want to do a deep dive session feel free to schedule some time on my calendar to discuss anything you like.
Schedule here: www.thelegaltrapllc.com/bookings-checkout/general-one-on-one-business-consultation/book
Ralph let’s connect I am a real estate investor with an LLC and a self directed retirement account but I need cash outside that account. I need to learn more from you
💯💯💯
I have a 750 credit score and got denied by Navy Federal. 8m retired military on a pension and have usaa(15years) im 34. Was making my 3 bank day and now...trying to make a move without it being wrong. Wanted to do turo first then properties.
What do you mean denied by Navy Fed? What service/product did they deny you for?
Just applied for a Business checking account and was denied and put the max amount of cash.
You must likely have a high risk industry business if they wouldn’t open it for you. You can either change the type of business or start a new LLC that is not high risk industry.
Business consulting
So what was the reason why they told you they wouldn’t open the account?
by the way, you mention its 580 minimum, but its actually 600 (i havent found any less than that)... and my score is unbelivable - 598, only 2 lousy points below minimum... and since i have lots of bad shit on my report, i now getting a secured credit card to up the score a bit... or is there any way around it?
Nah, it’s still 580. You’re lender specifically is probably requiring a 600, the federal minimum is 580 though. Every lender may have their own specifications though, you can try another.
Here’s a link to the FHA website:
www.fha.com/fha_loan_requirements#