CS1977 0 Report post Posted June 1, 2006 So I am approved by (investor-friendly) Fortune Mortgage out of Pittsburgh for a 25k line of credit, but the broker fee is $1950.00 to open it up. I am about to walk away but I wanted to check with u guys who may have more experience with this. Is this normal? This is a new thing for me.....anyone know any co's with a lower fee? I have excellent credit. Don't know exactly what I will do with the LOC yet, but thought it was good to have it in my back pocket in case a great deal comes along......I think. That's a good thing to have, right?? (can u tell this is all very new to me??) I am SO conditioned to be careful and frugal with money and I don't want to do anything crazy....it is just a little scary for me.Thanks,C Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted June 2, 2006 Don't know exactly what I will do with the LOC yet If you got it and you didn't know what to do with it, then there are peopleout there that will.Make sure you've got a plan (or plans), I'd say. I am SO conditioned to be careful and frugal with money and I don't want to do anything crazy....it is just a little scary for me. Perfect attitude and conditions to deal in CAs, don't ya think?No need to get worried about paying back a LOC with these. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 2, 2006 Christine, shop around. That's high. Start with your own bank. Share this post Link to post Share on other sites
CS1977 0 Report post Posted June 4, 2006 Christine, shop around. That's high. Start with your own bank. Ok, so I am still pondering whether this is the best avenue for me. Basically, I just want access to quick cash in case I come across a deal which requires it. I am mainly looking for CA/SLO type deals which don't require cash, BUT I want to have the option in case I need it. What is the best way to do this? My credit card limits are not that high, so I was gonna go with the line of credit....anyone see any cons to this? PLEASE advise! Thanks. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 5, 2006 A line of credit for readily available cash is a good thing. . .unless the cash is used frivolously. For the purpose of landing a profitable deal, fantastic. But if it is used to buy big screen TVs, a new wardrobe, and $6,000 spinners to pimp your ride, I think I'll have to kick some booty. U know what I'm sayin'? Share this post Link to post Share on other sites
CS1977 0 Report post Posted June 5, 2006 A line of credit for readily available cash is a good thing. . .unless the cash is used frivolously. For the purpose of landing a profitable deal, fantastic. But if it is used to buy big screen TVs, a new wardrobe, and $6,000 spinners to pimp your ride, I think I'll have to kick some booty. U know what I'm sayin'? MC, our friend Marc from FLA was saying it is risky if I use it for an investment and something goes wrong....like, what if I can't pay it back. He was asking what it is "secured against." Uhhh..... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 6, 2006 The lender may or may not require some collateral for the line of credit, Christine. Depends upon their policies and your relationship with them, your credit history, employment, etc. There is always a risk in every investment property, bar none. The key is to do your due diligence, weigh the risk to reward ratio, and then have a Plan B in the works in the event something goes askew. Share this post Link to post Share on other sites
lacashman 0 Report post Posted July 12, 2006 A line of credit for readily available cash is a good thing. . .unless the cash is used frivolously. For the purpose of landing a profitable deal, fantastic. But if it is used to buy big screen TVs, a new wardrobe, and $6,000 spinners to pimp your ride, I think I'll have to kick some booty. U know what I'm sayin'? Man I wish I read this sooner I just invested in some spinners for my 1976 Ford Pinto Wagon. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted July 13, 2006 A line of credit for readily available cash is a good thing. . .unless the cash is used frivolously. For the purpose of landing a profitable deal, fantastic. But if it is used to buy big screen TVs, a new wardrobe, and $6,000 spinners to pimp your ride, I think I'll have to kick some booty. U know what I'm sayin'? Man I wish I read this sooner I just invested in some spinners for my 1976 Ford Pinto Wagon.Pinto Wagon?! Isn't that the model that was so prone to exploding on impact that they came with a wick? Share this post Link to post Share on other sites