OfflineHi 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"
Do not become discouraged from the "Red Tape." The typical DBA is not that expensive or take very long to get. Some states are an exception. Go forward with your investing and don't worry so much about the entity. You can do the paperwork as you go. It is better to get started than to not go forward and wish you had later.
Good Luck
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I just returned from weekend event in Sacramento and am ready to begin investing. As a Realtor I have many connections to seller/buyers and I want to get moving right away, I know of three properties this week I can move on but I currently have Tax liens which will attach to my property Is there a way to move forward investing right away or will I have to resolve/release liens first? (Working on it..but will take a while) How would an LLC factor in? Any advice would be greatly appreciated.
PollyJean
An LLC can be set up after you have a few deals done. It cost money to set up and maintain, but after a few deals it would be good. You should also add some information to your bio. Welcome!
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Hi Anita: Love your post...very smart. It leads me to a question I've been pondering a while now...should I keep my current LLC which doesn't really scream real estate in any way? If so, how do I make it work? I guess I could register a fictitious name for real estate under it?
I'll have to call the legal team and see what they say but you got me thinking about that again.
I actually have LLC documents for the state of Nebraska that work for any kind of business. Nebraska is one of the hardest states to start a LLC in so they should work for almost everystate with minimal work. I hired an online company called sboaa to find an investor for my newest project and they set up everything for me and gave me the documents. PM me if this may help you. Love all you dgers!
Thanks,
davemchs
Davemchs
MChomesolutions.net
I actually have LLC documents for the state of Nebraska that work for any kind of business. Nebraska is one of the hardest states to start a LLC in so they should work for almost everystate with minimal work. I hired an online company called sbaoa (small business association of america (I think)
)to find an investor for my newest project and they set up everything for me and gave me the documents. PM me if this may help you. Love all you dgers!
Thanks,
davemchs
Davemchs
MChomesolutions.net
I am new to all of this and am wondering if I need to apply for an LCC before I can get a DUNNS number? How does it all come together? Also, if you don't have a business address outside of your home, how do you go about it without having to go rent out an office to make it legit?
Maria Hamane
Hi
I'm new and first time here. I have been wondering if I have to get an LLC before I can start selling houses? This is the only thing holding me back.
I am so ready to start my first deal. I read as much as I can find everyday and I do have one buyer already but still looking for more.
Any information I can get about the LLC process would be great and much appreciated.
Thank you
Try Wells Fargo. I'm not 100% sure. I know in Texas they offer a secure credit card to help people establish credit again after bankruptcy, etc. Is this what you are asking about?
Make it a sweet day!
Debbie
Debbie Fletcher
Certified NLP Master Practitioner
Professional Life Coach
(972) 816-0935
I just noticed the date on your post... lol. I bet you already found your answer.
Make it a sweet day!
Newbie Debbie
Debbie Fletcher
Certified NLP Master Practitioner
Professional Life Coach
(972) 816-0935
I've just set up my Business LLC and accounts. Any first steps for getting business credit?
Thanks in advance.
I always thought an LLC was a seperate, different form of company than a sole proprietorship. That there are three main types of companies...
Corps - C Corp, and S Corp
LLCs
Partnerships
I was trying to pull the free report from your site. Please help.
Very well explain thanks for explaining.
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