Its been a minute since I've talked about credit so here's a brief update. My girlfriend and business partner just texted me her score and she has a 797! Just a few more points until she joins the 800 club. What a wonderful achievement for her personally and financially. As I wait on getting permitting for the project in NJ, I'm still looking for good deals. I'm going to see this off market deal today that is selling for 387,000 and has a potential ARV of 600,000. When you don't have a lot of experience, even when dealing with hard money lenders, its always the same thing- what's your credit score? Tier 1 clients with scores 750 and above get the best rates, ( this lender 8.99%) which are so very important when dealing with hard money since you have to pay those interest payments monthly -tier 2 clients with scores 720-750, the next best rates and then tier 3 with scores 680 -720 the least favorable rates. I just submitted an application for the property I'm going to look at today but I haven't gotten the term sheet back yet. This deal came to me because I am a part of an investment group that acquires properties off market and then offers them to their investors. This property is still owner occupied so they set up a meeting for all interested investors to come
see the property and then if we are interested we get to submit a paper bid and the final sale will go to the highest bidder. I can't wait to just see how the process works and meet other local investors like myself! Oh, my credit score is showing 721. I got to run, let you know what happens next week. Until next time be blessed!