Whit – ASK WHIT!

Are You Serious About the Success of Your Business?

Non-bank business lenders and credit providers know how difficult it is to get approved for a business bank loan. When they see a reporting bank loan on your business credit reports, it signals to the non- bank business lenders and credit providers that your business is for real.

Too many business owners think that obtaining a business loan from a bank is an impossible dream. Well, it isn’t. Our Business Finance & Credit Building System has a proven method for obtaining your first business bank loan and a list of the banks that have worked with thousands of our members in both extending and reporting those loans.

Just having a bank loan is only one way your business banking relationship affects your business credit, including your ability to get approved for vendor credit lines and business credit cards. The single most important factor is the date you opened your business checking account.

Most business owners assume that the day they incorporated or filed for their business license is the day their business began. This is simply not the case. Business lenders consider the date you opened your business bank account as the actual start date for your business. So, if you incorporated in 2012, but opened your business checking account in 2015 then, as far as lenders are concerned, your business started in 2015.

If you are serious about the success of your business then you will need to know:

How to properly address the compliance items required by most lenders and credit providers;
How to properly go about building strong business credit scores with the national business credit reporting agencies;
How to properly manage your business banking relationships;

Now you have a choice to make. You can spend hundreds of hours searching the internet trying to find all the vital information you need, or you can simply access our CFC Business Finance & Credit Building System which has consolidated everything into one convenient place. Our system is an extremely comprehensive guide that instructs you step-by-step to get it all done the right way and in the shortest possible amount of time.

Will the Interest Rates Increase Soon?

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications was 38 percent higher last week than during the same week one year ago. This was largely driven by refinance demand.

Michael Fratantoni, MBA’s chief economist, said the United Kingdom’s decision to leave the European Union was behind some of the irregularity.

“Whether the impact of Brexit will be contained to the initial shock of the ‘Vote Leave’ victory or will have a longer-term impact on markets is unclear …” Fratantoni said. “MBA’s best guess at this point is that the impact on the mortgage market will be to keep mortgage rates lower for longer, leading to another pickup in refinance activity in the near future.”

This is good news! The lower the interest rate, the lower the payment. The lower the payment, the more goes towards the principle balance. We all know: the more you pay towards the principle, the faster you pay your loan off. More here.

Do You Believe?

BELIEVE: as to accept something as true, genuine, or real something we believe in, To have a firm conviction, to consider to be true or honest.

Two years ago, LeBron James made one of the biggest and most surprising decisions in basketball. He went back home to Cleveland, the same city that burned his jersey and cursed his name, to play for the Cleveland Cavaliers. The only way he could have ever made the decision to leave leave Miami, Florida, one of the most beautiful places in the United States, and move back to Cleveland, Ohio one of the coldest places in the United States, is strictly because he believed he had the blueprint to bring the city of Cleveland and the state of Ohio a NBA Championship. That’s exactly what he did! And as a LeBron James fan, I’m glad he did!

As soon as the Golden State Warriors had completed their miraculous comeback against the Oklahoma City Thunder to assure a rematch of the NBA Finals, they were the favorites. Vegas said so, as did the talking heads constantly cluttering ESPN’s airwaves. No one believed in LeBron James and the Cavaliers. Unless you talked to people in Cleveland. To commemorate the city’s faith in the Wine and Gold, Nike launched the Believe marketing campaign. The crown jewel of the marketing strategy came via local artist and Ilthy clothing company owner Glen Infante, who live painted a mural of 12 players above a bold, wine-colored “Believe” outside Quicken Loans Arena. – www.clevelandmagazine.blogspot.com

What does it take to have that kind of belief?

What is required from someone to believe that against all odds you can accomplish the goal(s) you have set out to achieve?

What do you believe in?

When you have a desire to establish a business, you have to believe in that business 100%. If not, failure is a given. As I think about all the success that I have seen in my life and the lives of other, one thing is in common, we all believed we would be successful.

I have spoken to a lot of people who want to start a business. Actually, there are over 500,000 businesses that open every year and over 500,000 that close down. I would have to say; those who really believe in what they are doing, usually stay the course and continue fighting. They will do whatever it takes to stay open.

What is the main reason for such a change?

Well, to me, it’s a lack of capital for one. Think about this:

If I have a way for you to grow your business and you say you do not have the means to invest in your growth and then I tell you to find someone to invest in you or your business, and you tell me that you don’t want that person to take that type of risk, then I guess you really don’t believe in the success of your business. Maybe it is time to move on. I believe having strong personal credit and building business credit is the most important aspect of being successful as it relates to business.

Let me share a story I read a few years ago: A millionaire was asked about a partnership he had with his company in the early stages. His company was struggling and the partner asked for a buyout. The millionaire agreed and continued to struggle for a while until the business finally exploded and eventually the company went public. The interviewer asked the Millionaire, “How were you able to hang in there so long?”. The Millionaire replied: “YOU’VE GOT TO BELIEVE”.

So…..

What do you believe you should be doing?
What type of business are you willing to take a risk for?
Are you willing to do what it takes to be successful?
Do you believe in yourself?
How successful do you really believe you can be?

Well, let me make this easy for you: All you have to do is believe and after you believe, continue to believe, and I guarantee you will be successful

DON’T STOP BELIEVING!

How Important Is My Personal Credit?

Are you being turned down for home loans, refinancing, automobiles, department store cards, or even gas cards?
Are you paying a higher interest rate than you should, or has your credit limit been lowered?
Are you tired and embarrassed by the constant calls from creditors and collection agencies harassing you?
Have you faced repossession or foreclosure?

These questions can be hard to answer, maybe even frustrating just to think about. A lot of Americans suffer from negative ratings in their credit file, including delinquent payments, judgments, collections, foreclosures and bankruptcies. You’re not alone! Not only do these items prevent consumers from obtaining new credit when they need it most, it may also cause additional penalties such as: increased interest rates on credit cards, higher late fees and over-limit fees, shorter grace periods and lowered credit limits.

Unfortunately, credit issues (delinquent payment, judgments, collections, foreclosures and bankruptcies, etc.) can prevent you from obtaining new credit when you need it. Sometimes, the creditors will even charge you a higher interest rate or fees. NOT COOL!

As an entrepreneur, I have had my own ups and downs. Yes, I have filed for bankruptcy. Not a good feeling. Fortunately for me, I don’t take no for an answer. I learned how to improve my credit rating and believe it or not, I was able to build a brand new home in two years! Yes, after two years, my wife and I went to MI Homes and built our first home.

So, as you see, all is not lost. There is hope. I’ll share with you what I have learned about credit as we go along. I had to learn the hard way, but hopefully you will be able to avoid the mistakes I’ve made.

Know what is on your credit report!

Did you know that your credit score could stop you from getting a job? Sounds crazy, I know, but it’s true. I have my theory on how and why this has “suddenly” become an issue, but now is not the time to share it. (stayed tuned)

Most people with a low credit score are not necessarily irresponsible, nor are they unwilling to pay their obligations. In fact, if you are like most people, you probably maintained a good credit profile until an unforeseen circumstance, like a layoff, medical problem or divorce, prevented you from making a few payments in a timely manner.

The truth is that most people struggle long and hard to meet their obligations, but the money coming in just doesn’t meet the bills going out. If the circumstances become serious enough, many people have been forced into foreclosure or to file for bankruptcy protection. Now, you have a low credit score!

Your score is used to determine your interest rate on credit cards and loans, the amount of your down payment, the variety of mortgage loans available to you, and even the premium on your auto or homeowner’s insurance.

Not too many Americans have viewed their credit report within the past year. They have no idea what is on the report or what their score is. A recent survey revealed that nearly 80% of all consumer credit reports contain serious errors or mistakes of some kind. Your financial health revolves around your credit score, so it is important that the information your credit report contains is as accurate and up-to-date as possible.

There are several ways to keep up with your score. I don’t personally endorse any particular company for you to use, but it is very important for you to know what is on your report. Here are a few companies that help you learn what is on your credit report: Credit Karma, Free Credit Score, Credit Report, and Credit Check Total.

Should I Get a Business Line of Credit?

Times are difficult; for sure. Almost everything costs a lot more than what people earn today and we can barely cover the basics anymore. Prices are sky-high and getting what you want seems to be more difficult to accomplish. A lot of people juggle two jobs in a week or perhaps in one day. We now live in an online world today, where almost all, if not most things can be accessed on the Web. This has become a challenge for someone my age. Fortunately, I have discovered that solutions to monetary difficulties can be alleviated by solutions found on the Internet; but where?

Because of technology, a lot of people discover part-time jobs on the Web, allowing them to work from their own home. These jobs give you the flexibility to decide when to work and the number of hours you want to work.

For me; working for myself is still the best! If I had to sit in traffic for hours everyday, I would have a nervous breakdown. I don’t like having a ceiling on how much I can earn or losing a sense of freedom with my time. That is why I chose to be an entrepreneur. My wife Joy, on the other hand, would rather work for someone else. She doesn’t mind waking up early, driving during rush hour, attending staff meetings, etc. The everyday challenges of being an entrepreneur are too much for her. That is why she works for me:-)

Starting your own business is not easy. Finding money is the main and most essential requirement to start your own business. Yes, you could save, but saving enough to set up a business is extremely unlikely. Luckily these days, it’s rather easy to borrow money from a business line of credit, despite it being a rather bold move.

Learn how to get these lines of credit on my business credit website. I have found a way to help business owners get the money they need in the easiest way. Take a look at the site and try the software for free! Times are challenging, indeed, but solutions are easy to discover, such as the steps to getting merchant capital. It is still best to locate a great range of choices, and then determine the very best plan to fit one’s needs when it comes to business and working capital.

How Do I Get Money to Make Repairs?

Whit, I need to sell my home, but I really don’t have the money to do the repairs, updates, paint, carpet, etc.

I hear this a lot. It is very common for a homeowner to become frustrated when wanting to sell their home, but cannot make the repairs or updates to their home.

How do I get money to make repairs or update?

First, you need to know the CMV (Current Market Value) and the ARV (After Repair Value). As a License Real-Estate Broker with BHHS, I have access to various data, analytics and systems that will help you to determine what your property is worth in its current condition. We will also be able to determine what the property will be worth after we repair the property. If we determine that repairing the property is your best option, now we need to find the money!

Hopefully you know how much you still owe on your property. What you owe on the property will be determined by the balance of any mortgage liens, whether you have a first or second mortgage, and what the payoffs are on these mortgages. We also will need to make sure your property taxes are up to date, as well as your HOA (Home Owner Association) fees. It’s extremely important to find out if you have any additional liens that have been assessed on the Title of your property. If you can’t clear your title, you will have a difficult time selling your property. Never purchase a home without title insurance. Guess what: you can’t get title insurance without clear title!

Now, having owned a mortgage company for many years, I understand how and where to get funding (MONEY). Actually, getting the funds to repair your home is the easy part.

One easy way of getting funding is to establish Business Credit lines with no proof of income or assets. This is one of the biggest kept secrets in our country. Let’s be honest, if you don’t have the money to complete the repairs on your home, then that means you need more money, right? Well, why not get the money to start a business, borrow from the line of credit to complete the work and when you sell you home pay the business line of credit off.

Check out my review on my business credit software. Learn how to get money for your business. I’ll even let you try the software for FREE. I have had many clients start a real estate investing business, establish a business line of credit and use that line to buy properties and make repairs to their own property.

You can also apply for a loan or refinance your home to get access to money for repairs. Interest rates are low, so if your credit is good, give it a shot.

Remember, if you have any questions, hit me up!

No question is a “bad” question!