Hi guys
Yesterday I realized that I already owned 2 LLC's from when I had my cell phone stores. So now I will not have to buy one for this. But I needed some cash so I went to Dun and Bradstreet and checked on the business credit rating for each and they were both pretty good.
I called up another newbie investor and asked if they would be interested in buying it. They were. They live on the east coast and I am in Cali. We exchanged all of the paperwork yesterday online (paper copies will be in mail today). The other investor was satisfied and was really anxious when I explained that I had top of the good credit rating on it. I sold it for 15K last night and will use that money to put down on property or as working capital to show in bank.
Some of you may ask why I did not keep it myself and the answer is simple - the one I kept already had a bank line of credit for $50K (which I completely forgot about because I never used it after I got it) it was for purchasing store inventory. I inquired yesterday if it was still in effect - AND IT IS! Now I instantly have $65K available to me to work with.
The other had no credit line but good credit. So the point is - I sold off and established LLC with credit already established - it was "SEASONED".
So for all of you out there with bad credit or no credit you may consider looking for someone, maybe another inverter that has multiple LLC's and would be willing to sell one off. Look for those opened over 1-2 years and ask for Dun and Bradstreet rating before hand.
I know this post was long but I just thought that might help SOMEONE.....keep in mind that you can find established LLC's from around 3K on up. Just really look at what you are buying and read the transferability clause. In case some of you are wondering.... I am a licensed Paralegal as well so its my habit to read EVERYTHING...lol
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
thanks, Anita!
I wonder, then, if it would be a good investment to start up LLCs just for that purpose, to sell them later. Hmmmm.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
You wouldddd say that...lol....there is some food for thought
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Congratulations, Anita, on your "discovery"!
Now you can get into where the REAL money is! Don't "short sale" yourself. HaHa! If you can live on what income you've already got coming in, use that "seed money" and the finely-honed skills you possess to put that profit into your own pocket! YOU'RE ON YOUR WAY!
Seriously,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
wait a minute, explain what you mean, LLC is a business or something like that right? i'm kind of ignorant when it comes to what an LLC is? and your talking about opening an LLC and letting it mature for 1-2 years and then you can sell for @ $3,000 OR MORE!? your hero,sully.
YOUR HERO, SULLY
Anita,
you know I meant the $65K, right?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Rina
yes I know thats what you meant. lol....Maybe I need to start kelping a journal on what I have been doing
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Sully I think I missed the question there but yes, thats is what I said. LLC's mature or age and the older or more established it becomes (with credit history) then the easier it would be to use it to leverage credit
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
How much does it cost to open an LLC and can you get a line of credit right away?
How long does it take to process?
I am very new in this but I am really determined to succeed but I need all the help I can get and I am willing to really absorb and learn as much as i can.
Thanks for all your wisdom and great info Anita pretty impressive with how you did with the three houses. AMEN truly God is good.
well in DE it cost me $75 a year to register. It took maybe 2 weeks befor I got my actual license in the mail. It also cost $50 a year to get a register agent (state law) Also have to pay a tax of $200 every year.
D
Don't Wish the Past, Create the Future! - DH
I got an LLC not too long ago. They sent me 2 Employer ID#s (1 for me & 1 for my LLC). Is that normal? Also, I heard you have to record the minutes, but it just me and another guy running it. What do I need to do in order to keep it legal?
Ok, it sounds like your LLC isn't a sole proprietorship since you have a partner. If it was a sole proprietorship LLC you would not need the TIN (Tax ID Number, also called a EIN), your TIN would be your own SSN, which makes doing taxes very easy. Using a TIN means you will need to file separate corporate taxes. I'm not sure why you got two though? I have ran both a class C corporation and LLC (SP), and I never had two TINs for the same business.
The minutes (at least in my state) are only required for C-Corps, they are an annual meeting of operators/managing shareholders (even if there is only one), describing the appointments. Mine took about 5 minutes to complete each year.
Do a search for: *your state* corporate minutes sample
on google. replace *your state* with your actual state of course.
okay, thanks for the info, rebucks. I'll check it out.
I just checked my business credit profile and found that I have some very good business credit. I opened two lines of credit also - one with American express and the other with Lowe's. This gave me a huge boost.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
my LLC has some good credit now. I opened 2 business CC's and a business checking account last year. So it has been gaining creadit all year...now its established!
Don't Wish the Past, Create the Future! - DH
I just started on mine. I hope it doesn't take too long for a business to establish credit. How long did it take for yours? A year?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Just went through the process of getting my LLC. They sent me 2 EIN's even though I am a sole propriator. One for me and one for my business. From everything I have read you only have to do minutes if you're a corp.
PS - I am now on summer vacation from my teaching job so look out REI world, here I come?
Rhonda (Roni)
Anita,
I went to the Dunn and Bradstreet web site at to get info on establishing credit for my REI LLC. Did you use them to actually get a loan? Or did you just check your credit rating through them? I see that they can establish credit for you business (for a fee). Would you recommend this?
Roni
good job. Must be sweet to be a teacher with summers off!!!!
Don't Wish the Past, Create the Future! - DH
i talked with my bank(PNC) to try to get some positive credit established after my bankruptsy about 1 year ago, and so i asked them if i could open a secured credit card line, they said they don't do secured lines, any more, only unsecured, but my credits horrible and i doubt their even going to look @ me, any suggestions, does anyone know banks that still do secure credit cards, SULLY.
YOUR HERO, SULLY
try another bank....try them all until you find one to give you a secured loan or credit card. They are out there!
Don't Wish the Past, Create the Future! - DH
I'm a computer lab assistant at a local high school and I have summers off too, so it's not just teachers! I've only been working there 7 months and from day 1 I got full medical benefits, 12 month payrate so I got a nice check to kick off the summer, plus retirement and life insurance. Plus, I'm off for winter vacation (3 weeks), all holidays, spring break, whenever my kids are off so am I... SUWEEEET! What a great gig, for a j.o.b. anyway... LOL!
Elena ;D
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Lilie just got one from her bank talk to her.
Elena ;D
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
You may also want to getting cards from Lowes or Home Depot. They may start you off with a lower credit line, but it's worth a shot just to score some credit!
D...Yes, having summers off is pretty sweet. It's the rest of the year that almost kills me. I teach math and kids HATE math!
Roni
Elena ;D
Ummmm I wonder if schools need network engineers!?!?!?!?!?
Don't Wish the Past, Create the Future! - DH
They're called Network Technicians and YES! I'm considering moving into a position like that in two years... They're great jobs, better pay, I'm tellin ya man, I wished I had gotten a job like this years ago!! I'd look into it, until you become a Real Estate Millionaire of course!
Elena ;D
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thats what I do for a living...great pay can't complain one bit! But my contract has been bought out and I will be out of a job first of Aug. I have been looking....market is dry as a bone for my posistion in my area.
Don't Wish the Past, Create the Future! - DH
I'm sorry to hear that. Start looking at the job posts in your School District, this is where you can apply for a job and it's the best time too. You may be able to do it online, we can view jobs and download the apps online, then you just send it in and wait for them to call you for interviews.
Elena
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Do you have to have one LLC for each house or can you put 5 houses in one LLC? Someone said to put 5 in one LLC and then put them all in a Corporation.
A C-Corporation or S-Corp?
Is the $100K insurance limit for bank accounts and property values in LLC's, or just bank accounts?
I found out it's bad to hold five houses in my name instead of an LLC. It affects your ability to get multiple loans. I'm in the process of getting an LLC and trying to figure out how many I should put in it. I don'y want to do it wrong. Everything costs time and time is money.
jrgnsn
jrgnsn
Yes, well it can be bad if you were to get sewed, an LLC would protect the homes if that should occur.
Would you mind telling us step-by-step how you get an LLC? Lots of folks here could use this information.
Thank you,
Elena
Elena
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."