Loan question, to compliemnt MC's thread

[NySportsfan]

to follow up on Master Cappers thread, I dont know if anybody has ideas here. How stiff are banks and the like in terms of personal loans and lines of credit, business credit, etc, and what are alternative ways of possibly funding small-home based business'es ie something on ebay, or consulting of some sort, Just curious about that if anybody knew, Thanks

Mike

 

[skulldog]

Mike, usually the max personal is 10K and that's w/good excellent credit. Forget a line of credit or a business loan unless you try the SBA but you have to have a business plan and some experience in the business you want them to lend on.

If your parents have alot of equity in their home have them take a equity loan and loan you the $$$, lower % rate or if that doesn't work then go the personal loan route.

If you already had a business(even if you just started it), alot of people wacked their Credit cards BUT PAY THEM OFF ASAP, that is a last resort.

GL

 

[THE KOD]

The banks won't generally lend you money unless you
already have money. Its really nuts.

KOD

 

[NySportsfan]

skull,
I think folks are the best bet, but they'll just ask me a million questions. Reason I say the bank, is b/c the whole family has accounts and ira's with the same bank, I was hoping that held some weight, but maybe not, I agree home equity line's the best, and my father is absolutely debt free with great credit, so not like it I'd be impeding everything, but you know it's easier to not have to explain and justify everything and answer doubts scott, yea thats a load of crap, I wish it wasn't that way, it's like, if you have the money they require you to have why would you need a loan? I just need 10-15k and want to get 60mos where I can like 300 a month or whatever it is plus interest.....Want to buy a lot of hot sporting tickets, and re-sell on ebay, plus a few other avenues, not like Im starting a factory and need 100k :shrug: but that's the ways, thanks skull, anything else advice wise I'd appreciate you've always been helpful

Mike

 

[THE KOD]

NY

your parants may not be too willing to do the equity line of credit
because that creates a loan in their name that must be paid back and puts the house on the line.

Getting the hot sporting tickets and reselling them on Ebay
sounds like a reach to me. Too many things can happen
where that might not result in profits. Also too many big time ppl
doing that stuff.

Maybe you should try it on a much smaller scale to see if its
going to work.

You have to start with a good plan though so your thinking
in the right direction.

KOD

 

[NySportsfan]

scott, thanks. I know house would be on the line, It doesn't matter though if you pay it back, which I would, But Im trying to avoid that and go via a personal loan. Still working on exactly what I want to do, about the tickets though, just because a lot of bigtime people do it doesnt mean there's not room for one more little guy, But yea, there are some glitches I suppose, we'll see though, I'm pretty much amenable to anything or partner up with anybody, I'd bust my a$$ as much as it takes, it's just the beginning part that's tough, thanks guys

Mike

 

[HighRoller]

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[AR182]

nysportsfan,

if you would ask me (& you didn't) I think you are going about this the wrong way.

i don't think it is wise for you or your parents to go into the hole to start a business that you don't know whether it would succeed or not. sure right now you have good intentions when you say you will pay your parents back. but suppose your business fails, after all alot of businesses do in fact fail, & your unable to pay your parents back as quick as you anticipate. now they have to re-pay your loan in addition to having their own bills to pay.

my recommendation is for you to find a job that pays you for the amount of work that you put into a job. in other words look for a job that pays you for your worth, ie sales. your still a young guy so you have time to build up your bankroll & to establish some kind of work history that lending institutions look at.

maybe beause i was very successful in sales, but i think that is the way you should first go.

good luck with whatever you decide on.

 

[NySportsfan]

AR, I see your point, probably best working and then trying that later. The problem there is that you need much time to start a decent business, and if you are working, you dont have the time. Yet if you quit your job to try it, and it fails, you're screwed that way. The best scenario is saving money up and then taking a leave of absence from the job, I don't know how you do this, I don't think it's ethical to lie and say you're wife's having a baby and you wanna take a paternal leave, but there has to be another way. That way if the business takes off, you can quit, if it doesn't you go back. It's just difficult to juggle the 2 different things, but your point is well taken

Mike

 

[NySportsfan]

sorry ar, saw you said sales where you have more flexible hours, in that case it makes it easier to do something on the side, hope some of you other people have some ideas, LOL it's always ar or skulldog helping me it seems, I guess it all depends on one's background and they're experiences and these guys have been involved w/it a bit, Thanks

Mike