Established LLC and Credit

Thank you Anita!! That answered my question perfectly!!

My response to him was not disrespectful, but to the point... This is exactly why people make mistakes with Business Credit Services.... They choose not to listen to those who have gone before them.... If my advice was not needed then, by all means, go ahead and do it your way... I can tell you now if your LLC is less than 2-3 years old you will not receive a Home Depot or Lowes CC... Shalom!!!

I'm sorry but I will have to disagree... I know of 2 people that have started a brand new business and have gotten a home depot rewards mastercard within 2 months... They bought with cash from good vendors who report to DNB every month then after there first order they applied for an open account with those vendors. They got accepted, bought something for $50 or more on account and paid the bill on time... After those vendors report to DNB they have an established account and a paydex score. When they see that they have a paydex score they applied for a home depot rewards mastercard and got accepted. Something to note home depot rewards mastercard is one of the few if not the only business credit card that does not require a personnel gurantee...

The Home Depot Business Reward M/C is no more.... The decided to no longer offer this CC to businesses....

I just called the Home Depot credit center and as of right now that card is still available. You are right though they said they do plan on getting rid of it but they have not yet. So if you get accepted before they get rid of it you can still get the card!

Newbie here... I am just ready to send in the paperwork for S Corp, 125.00 filing fee. My accountant said it would be better than LLC, no social security tax or medicaid. I remember reading a sticky earlier on, on the subject, but I thought this was the better way to go..? I've already bought one property in my name, but will quick claim it soon. Any suggestions?
Thanks to everyone, this is my first post. Bought Dean's books a month ago and will close on my first rental Tuesday.

WHAT DOES LLC STAND FOR? CAN ANYBODY TELL ME PLEASE!

Would u mind providing us with the # to call? Thanks!

1-866-875-5489

LLC stands for Limited Liability Company

Thanks for the #.... Clarification on the Business Rewards M/C.... the gentleman who assisted me discovered the applications can only be received in the Home Depot stores.... No longer online applications for the Business Rewards M/C... Hope this helps someone

Thanks for the update. This is great info.

we are planning on getting a S corp and opening a LLC for each of our properties. This looks like the best plan of attack for us

Hey Sully!

I am a Sully too. Try this website: http://www.credit.com/r/problem_credit/af=p39646&ag= and see if there is anything there that may help you. I know I used Capitol One and got a $3,000 limit right away which was outstanding for me. Highest CC I have ever had.

I too, am recovering from a BK (Bankruptcy) that is just shy of three years old. Rebuilding credit seems to be getting tougher though with the new Administrations rules. My CC will be going up to 25% here shortly but I am in no position to cancel it either as they want the whole card paid off right then. I cannot afford to do that. But after six (6) months you can call them back up and ask two things.

1. Increase my credit limit.
2. Decreas my percentage.

Sometimes it works out and other times it does not. But in the end, it helps you to establish your credit and build it back up to a good number. Mine is still in the mid 600's and hopefuly by this same time next year it will be up over 700. Small steps.

Truely,

OregonSNOB
"Sully"

Hello dg guys & gals, I had a s-corp in co. 2 years ago, now I'm in or. I went to dnb, found my business but no other info. Where do I find my duns #, paydex #, and or rating. Also, is it hard to xfer states. (bus. license) Thank you, Rick

HI RICK

You must apply for a DNB number on their site. Then either give them the name and numbers of a few credits (3-5) to add to your fle, they will contact them and get payment history and credit limits and those kind of things - this may cost around 300.00 to sey up your credit file. If you elect not to do this you may simply ask them what your paydex score is. If the companies you do business with repost to DNB then you will automatically have a paydex score and they can give it to you over the phone.

I have to say that I always absorb so much info from all your posts. You are definitely an ever flowing fountain of knowledge. Thank you for all your posts.

Be Well

Hello, thank you for the responce, your the 1st to respond to one of my posts,questions. I was woundering if this was working. I talked to b&d, they gave me my dun's # but said sence i wasn't validated (pay 329) i don't have a paydex rating. they also wanted to set me up on a credit builder progrm. do you know anything about this? Thank you again for responding, I hope I can ask you more questions, as I see you are on here a lot. Rick

hi rick, I answered your question in the post above. that is the program i was talking about

Hey DG family, I applied for my D&B # the other day, But I did not pay for the profile. What is the true benefit? Is it a must to have the profile for this to really be benefical?

thanks, Anita!

I am new to the DG family, however, not new to real estate investing. I have been employed for 26 years, full-time, so I have that going for me. Back in 2006, I established an LLC, D&B#, opened (1)line of credit, purchased 3 properties from 9/2006-10/2006, and then ,the market changed, not crashed, but there was a change. I had plans of flipping these properties and then using the money from the sales to purchase more properties, but things got worse, I could not sell. All properties are upside down, I did a short sale on one in 2008, and I still own two, now in foreclosure, and have been for over two years, with no sales date, as I do keep in touch with the mortgage companies.
I am living in one, the other is empty.
I ran across this post about LLC's, and realized I do have one, and would like to see what I can do with it.

I did follow Anita's advise, updated my D&B file, which was inactive, now active, paydex score of 80. applied for credit. Office depot approved me, home depot and Loews declined, wanting a personal guarantee which I can not do.

What I would like to know, before I start applying for business credit online and taking a risk of too many inquries, should I just wait one month, as the Initial Poster said, and apply for a business line of credit? If so, to whom do I apply for a business line of credit?

Any Help would be greatly appreciated. Thank You

Anita,

I am a little bit confused. This is something new to me. If I got it right you have business establishment LLC and you don't use it and sell it? I don't know you can do that. How is the name transfered to the buyer. Please tell me more....dom

There is a website that can be found with Google and they will setup a LLC for less than $200.

Anita, How can I check my LLC's credit rating at Dun & Bradstreet? I started one about two years ago but I haven't done any business in it yet. This is the first LLC I have ever started and it was created for investing. The coach that helped me set it up is now in Louisiana doing rehabs on Katrina homes. The business I previously owned was a sole proprietor business. I want to minimize exposure by using my LLC. Any suggestions or hand holding you are willing to do would be greatly appreciated.

Thank you in advance,

Tim

I wish I did read all these entries first. After I bought two properties, I applied for LLCs, two of them in fact to cover for both places. Both of them are in Arizona because the properties are in Arizona. I thought i was protecting my assets (my house here in Hawaii). Why two LLCs? The condo I got was with my closest gal pal. The house I got with my husband who thought i knew what i was doing. I did not know that i had to put or make a quit deed claim to put those properties in the LLCs or something. PLEASE I NEED HELP! Now I am having a hard time here in Hawaii because they are considering these LLCs as foreign because they were formed in Arizona. Both Hawaii and Arizona are in the USA, how can my LLCs be foreign? Comments please! I need to dig deep into your well/wealth of knowledges. I hope I am posting this in the right place too.

See I'm going to put my business as a LLC. through Legalzoom.com so Anita your saying that in 2 years or so I can sell the LLC. for A few Thousands?
wow I'm learning something new cause i never knew LLC's were salable .....LOL

Yes you could possibly sell your LLC down the road for a profit. But your LLC will need to have good business credit through D&B and also have bank lines of credit in order to get good money for your LLC....

Goodluck,
Shaun

My mother had invested in some property in Las Vegas not to long ago, and created an LLC to cover herself. After finding this out yesterday, I got excited, and told her I would share profits with her if she allowed me to use it. Well she told me she closed it after the purchase because of the taxes and other "concerns" she had.

My question is, she still gets checks from those rentals in vegas, under the LLC. Would I be able to contact someone and get the LLC reopened?

Yes you can. Contact the Secretary of State - Corporations Div. for the State of Nevada

I am new to DF family and real estate investing. I just got Dean’s books and haven’t finished them yet. But I’ve been on this site and reading everyone comments. Everyone is so supportive and helpful. I see you have a lot of postings. You are very knowledgeable and very helpful to everyone. Can you be my mentor? Can I email you personally?

Thanks,
Summer

I seem to have found some great info on LLc , but does anyone know much about setting up a minority owned business? we have heard that you you can get preferential treatment as for loans and government bids on different project areas ? maybe just here in okla. but as indians will get special consideration on offers that they put in

Does anyone have any info that they could help with ,,

Thanks so much

GOD IS GREAT ALL THE TIME

HE HAS A FUTURE AND HOPE FOR EACH ONE OF US

DEAN