Let’s talk about Building Business Credit! We have Mr. Melvin Johnson from Maaj Group to talk about how he went from $0 in business credit to $2,500,000 in business credit all in 9 months. He’s going to share the DOs and DONTs in building business credit, what are the main differences between personal credit versus business credit.
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Melvin Johnson is a business credit expert with Maaj Capital. He is a real estate investor as well. Melvin was able to acquire 6 rental units (doors) working with the Kwak Brothers.
1. What is the main difference between Personal Credit Vs. Business Credit
Personal credit is tied to your social security number and tends to grow slower. It’s not meant to bear the same load as business credit. Business Credit tends to grow faster, the utilization rate doesn’t matter as much, and businesses are meant to use a lot of credit. Unlike the personal credit side, you get penalized for using a lot of credit.
2. So how did you first get started in this?
In the beginning, Melvin networked with a lot of lending institutions and building relationships. He had an epiphany where he learned that you can acquire secured lines of credit using other people’s credit and money without having to sacrifice the money. You can potentially get up to 5x the amount of credit with business credit versus personal credit with the method that Melvin learned to go from $0 to $2.5m Million of Business Credit In just 9 months.
3. So how did Melvin Build his Business Credit to $2.5 million in Business Credt?
The first step is to find a high profile lender/partner with at least $50,000 with good credit. Then you set up an LLC/Entity with that partner, obtain a secured line of credit from the bank using the $50,000 as proof of funding to start a secured line of credit.
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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investors! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
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Video Created by:
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—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.