Who is Thomas Kish?

[rbdjr]

You can get a "CDLOC" (A line of credit secured by certificate of deposit)...

But very few banks do this.

I have one with a Florida Bank.

1. In other words, you purchase a CD under your business.

2. You apply for a "line of credit" that is 100% secured by the CD.

3. And I think they will allow you to open an account from another State, other than Florida?

4. You must provide a personal guarantor (...even though this guarantee is only "window dressing" as your line of credit is 100% secured by the certificate of deposit!). I can tell you that your personal credit "as a guarantor" can be very poor. This bank will "approve the deal", based on the CD.

It took me about 10 days total (from A to Z), to complete my "line of credit" with this bank.

Unlimited check writing (minimum check must be at least $250).
Debit card issued.
Online banking.
Also suggest you open a business checking, in addition to your "line of credit" checking.
An account of this nature will go a long way in establishing good credit patterns for your business.

Many banks will do "secured loans", but very few banks will do "secured by cash, lines of credit".

Hope this is helpful?

Let me know and I will pass your name and number over to the Bank's VP.

Robert,
Realtor/Broker/Investor/LLC
Happy Holidays!

[rfwojcik]

Somebody asked what CB was.  I believe he was referring to

http://www.creditboards.com/forums/

Lots of info about getting business credit.

Randy

[BLL]

Somebody asked what CB was.  I believe he was referring to

http://www.creditboards.com/forums/

Lots of info about getting business credit.

Randy

Thanks for this link.

[buildersbuild]

WHY I WOULDN'T BUY ANY MORE OF THOMAS KISH'S PRODUCTS.

BAD BUSINESS MAN! INFO HE SELLS, YOU CAN FIND OUT ON YOUR OWN!

Below is his own refund policy link:

http://www.cashflowexperts.biz/ReturnPolicy.htm

it states "30 day money back guarantee" .... which turned out to be a LIE!  My experience with his company was by far one of the worst.  Once he got on the phone, he was extremely rude, and didn't even give me a chance to explain why I was requesting a refund which was rightfully mine according to his own return policy.  Once you talk refund, its like split personalities, which is a shame because a true ethical business man should not cheat people out of there money.  His inner circle website has a lot of porn material.  Now I know members were probably the ones posting all the obscene material, but I signed up for the website because it was promoted to be a good "networking" and "real estate learning" environment.  I am a family man and I wanted a refund because I just didn't want to go to a place to learn about real estate investing that is surrounded with porn.  Plus I have my family and children around all the time. Not cool Tom! Not cool! That's why I placed a request to cancel my membership that was within the 30 day period.  I wouldn't be complaining if there wasn't a refund policy...  BUT THERE IS! And he told me "there is no refunds for the inner circle website." I just can't support anyone who misleads consumers!  Again, DON'T WASTE YOUR MONEY ON THIS CLOWN!!

[JasonG916]

Once again, I must ask...why are you paying money for CD's and Bootcamps???  If they were so good, the gurus would be practicing what they preach - but they make more money selling suckers a bunch of bullcrap.    

Here's the BIG SECRET to real estate investing:  Save up some money.  Put a down payment on a house or pay cash for a cheap house you can fix up.  Lease option it to a tenant buyer.  Make cash on the flip (2-4 year "flip") and repeat.  You just got this for FREE.  If you pay 20k to a guru you're a sucker.  Don't be a sucker, you owe it to yourself to get education but if the "riches" sound too good to be true....well you know the rest.   

[frekwentflier]

I'd like to clarify a few of the previous posts.  I have purchased Tom Kish's course and it did benefit me, but creditboards.com has helped a lot more and had I found it first, I would not have purchased Kish's course.

That being said, it does have worthwhile information.  He concentrates on business credit cards, NOT business lines of credit.  His strategy is to get business credit cards from multiple banks and use cash advances/balance transfers to make all-cash offers on houses.  Even with cash advance interest rates, this is still FAR less expensive than hard money lenders. 

Tom never claims that people with bad personal credit can get busness credit cards.  He does claim that people with bad credit can find credit partners with good scores and use these good scores to get business credit.  Now, I don't know about you, but I would *never* let somebody who had bad credit use my good credit to get business credit cards for which I'd ultimately be responsible.  I found this part of the course to be absurd.  But supposedly it happens. 

The real answer to using business credit can be found on creditboards.com.  There is an entire forum dedicated to Business Credit there.  So my recommendation is to follow the business credit building plan outlined there while simultaneously use the personal credit repair strategies discussed in the Credit Forum to repair your personal credit.  Once you get your personal score above 700, so many doors open up for you.  I have about $450k in business credit cards/lines of credit, but my personal scores are all over 750.  I don't say this to brag, but to let you know what is possible...

[Sher831]

Jason,

This is Thomas Kish's office manager.  I enjoy reading these kind of threads and wanted to put my two cents in.

Have you ever heard of using a Dunn and Bradstreets number or an EIN to build business credit that is separate from your own?

Every lawyer will tell you that a corporation or LLC will separate your personal liability from your business activity.  The same holds true with business funding.

That is what we do. 
Thanks,   Sher

[duroux]

I got a list of companies that offer credit cards to businesses (LLC, etc).  His formula is apply for multiple business credit cards, take out cash advances and deposit the money in a business bank account and use the cash to fund deals.  Only problem is most business credit cards are charging 20% interest and 3% fee for cash advance.  I can get money cheaper from local hard money lenders (and I thought their rates were ridicules).  I wouldn't advise anyone to buy Kish's system.  If you want the list of companies he lists for business credit cards, try Google, it's free.

[Equity]

Does anyone read the news?  You guys don’t seriously believe this stuff, do you?  Many banks are canceling performing lines of credit and credit cards without regard to verifiable income or FICO.  Would any of you loan money to an unproven entity without a personal guarantee and the income and collateral to back it up?  As stupid as they have been, the banks currently won’t either.

It’s unfortunate that as many new investors watch home prices drop to record lows, they are frustrated they don’t have the cash to “buy-in.”  Scams and schemes abound to take advantage of these people.

[UltimateCashSource]

My name is B.J. and I am a current student of Thomas Kish and his programs.

To all the supposed "Know-It-Alls":

Have you ever heard of Dunn and Bradstreet?

Have you ever heard of a Paydex score for your business instead of using a personal
credit score?

I guess you have not heard of any of these things that have been used for years to build
business credit quickly without be dependent on having good personal credit.

What Tom teaches worked for me in my new business.  I got business credit from him when
everyone else like you kept telling me no.

Stop talking about something you have no personal experience with!

[JakeRodgers]

I do not know about Thomas Kish, but lets set the records straight on building business credit:

You DO NOT need good personal credit to build a strong business credit. Establishing business credit means securing credit COMPLETELY seperate from your personal credit history, with NO PG, or personal guarantee. Ultimatecashsource is correct: if you do have an intimate knowledge of Paydex scores and DNB scores and the like, then you don't know the first thing about building business credit, and unfortunately your opinion is just that, an opinion not backed by facts.

Guess what, within the last two weeks I established three biz tradelines with three different companies with NO personal guarantee. No, these were not huge LOC with banks, but as everyone should know, you cannot establish biz credit overnight, but there IS a process you can follow to work towards these large LOCs, which is what my company is currently doing.

Anyone who disputes this process needs to spend some time on creditboards.com Don't take my word for it, go study and read about the THOUSANDS of other small biz owners who have taken the time to do their homework and have built their biz credit up from zero.

[John909]

If you have a business or a coporation , it is a SBA loan or commercial loan depending on what you are going to do. Most bank like to see a year in business. A  Dun and Bradstreet rating helps.

[JakeRodgers]

Correction-if you're going to get ANY sort of LOC with a bank through your LLC or Corp, and your goal is to secure the line with a personal guarantee, you're going to need at least two years (and probably more than that) and a DNB number is a NECESSITY.

[Global Inv Prop.]

ultimate cash source,

If Mr Kish is ligit why does he direct you to so many web sites. each video i watch he directs you to a different site what does he have to hide. And each site has a different phone #. And if your personal credit is not a factor , why does state in his written material. and i quote; The largest cash lines of business credit available from this service will not report on your personal credit and will not need to be personaly guaranteed if our lending sources can verify a low personal debt ratio and good personal credit.

That is strait from Thomas Kish's written material .