A few months ago, the investment club I used to go to sent email about their next meeting. Usually I delete them without reading, but this one talked about a line of credit based mostly on credit score. The guy offering it was a familiar name: Patrick Boston. On my old blog, I talked about the trouble I had getting approved for a loan to purchase Property 3. Patrick Boston was one of the assholes that said I couldn’t do it because of… I can’t even remember. Obviously I was able to do it with Empower, so I really didn’t have a good opinion of him afterwards. But this offer looked like exactly what I’d needed, so I went to the IC meeting.
The information I heard was inspiring. He had connections with a bank that was offering up to $50,000 in a business line of credit. The catch is that, once approved, you have to pay a one-time fee of $5,000 to get the line of credit. He also confirmed that most of the approval is based on a good credit score, so I was really excited to apply. The very next day I applied for the line of credit. The day after that, I received this email:
“Unfortunately you do not prequalify for anything guaranteed, as there are no revolving accounts that currently exist for you. We would suggest adding a couple personal accounts and apply in the future or get a co-signer. If you have someone willing, please send us their credit check total report.”
No revolving accounts?? Then what the fuck do you call THREE MORTGAGES AND A CAR LOAN, ASSHOLE??!! Once I calmed down, I sent him a reply:
“I didn't understand the reasoning for my prequalification denial. I have several revolving accounts (three mortgages and an auto loan), so how many revolving accounts are needed to pre-qualify?”
To which he responded:
“I was referring to major personal credit cards. Those are the type of revolving accounts are lenders look for.”
I started cursing like a madman. I mean, what the fuck! Every time I want money they say I don’t make enough. But I need the loan to make more money, so I’m stuck in this ridiculous trap! I decided to visit Bob Rogers in his new office to ask him for advice. I brought up my issues with getting denied for seemingly everything even with an 800 credit score:
Me: I don’t get it, Bob. It’s like I’m having the same issues at 800 that I had when I had terrible credit! What was the point of all that work getting my credit up if I’m still dealing with the same crap??!!
Bob: Well, I think you answered your own question.
While I appreciated Bob’s honesty and bluntness, his answer devastated me. All those years working my ass off to get great credit, thinking that a good credit score will end my qualification problems. All those years waiting for 2017 to come so that I can finally get that sweet score and open the doors to easy approvals for loans. And still I get denied. So what was I gonna do??
The Mirror Theory
I kept thinking about the word “credit”. One of the things I couldn’t get back when I had bad credit was a credit card. So, if those assholes want me to have a couple credit cards, why not just do it? I’ll get more bank money through credit, plus have a great opportunity to be approved for a big business line of credit. So I contacted Patrick Boston and told him I’ll get the cards. He recommended NBT bank, and I got approved… for $11,200! My second credit card I got through Empower, cancelling my two secured credit cards for an unsecured one, but only approved for $1,000. Patrick told me to use them and then apply again in a few months. With respect to Bob Rogers, I don't think his answer was helpful. If banks continue to deny me for loans, then I have to find other uses for good credit while I get my other financials in order. I'm gonna look into lowering my car loans payments and anything else good credit can give me. The card approvals gave me a ton of new confidence, and I’m gonna need it because next year will be very different from any other year.
Retirement in 2018
 |
| Even with cameras on me, this is how I did my job yesterday. |
I'm gonna have to start my exit strategy from paycheck work, because I simply don’t care about the bank job anymore. The "no pants" thing started off as a joke, but it felt really comfortable so I kept it off. Even with the sweet schedule and pay bump from $10.79 to $11.63, I don't care. Even with people getting fired left and right (including my boss), I don't care. On Monday, the job could call me and say that I'm fired for doing rounds in my underwear... I honestly wouldn't mind. This is same way I felt weeks before I quit the Fedex, so I know that clock is ticking. I've been at this job for exactly 9 years and I really don't wanna make it 10. I seem to believe that I've outgrown this job, even though I don't have the extra income to prove it. I'm pretty sure that I'll get fired if I keep this shit up and I'm trying to take it seriously, but I can't seem to stop. With this feeling I know that, no matter what, 2018 will be the last year I’m working a paycheck job. No more "maybe next year"s. It's not a matter of willpower or determination. I just have that feeling that I'm done with this stuff and there's nothing I can do about it. So the pressure is on to make I retire in a comfortable position.
Small Business Administration
During our dinner in August, Damon suggested that I go to the local Small Business Administration to get help with my real estate ambitions. He told the story of a lady he knew who wanted to own a motel. She went to the SBA and they hooked her up with advisors and made her take business classes to understand how to run a motel business. She even had to take a job as a maid in a motel just to get an idea of the inner-workings. She now owns two motels and makes a good amount of money. I need knowledge in learning how to deal with these banks and how to get what I want. I need to learn how to make my portfolio more attractive so that banks won’t hesitate to give me loans. Now that I’m by myself here in Smalltown, I really have to reach out for help. I have an appointment with the SBA on October 3rd, and hopefully they can hook me up with an advisor who knows the ins and outs of real estate and mortgage loans. How I didn't think of this sooner is anyone's guess...
You know, the last time I had a good amount of money, I fucked up and bought Property 4. I make maybe $500 a month when I could’ve been making $2,000. This right here is my second chance. I've been waiting for this ever since Property 4. If I get that line of credit and arm myself with the business knowledge to buy a good commercial property, it’s over. I can finally win. Financially stable with no job. I just read those last few sentences back with a big smile on my face. This will probably be my last chance to get things done properly, so I’m gonna go at it with everything I got.
P.S.: 9 years at that job. I started out at $9.75 and nine years later I still haven't gotten a $2 raise. I guess one can see why I don't care anymore.
No comments:
Post a Comment