Type of Business to open

Type of Business to open

I am looking to open a business to make my real estate independent of me in every aspect and i seem to be hitting walls.

I was about to open a LLC and when i went to a few major banks and 2 credit unions they told me they would run my EIN and my personal SSN for a equality loan.

My question is what type of business can i start that makes my business 100% business related and none related to me besides the fact i own or manage the company in regard to taxes and loans i apply for.

The reason i am trying to do this is because an ex g/f destroyed my credit 5 years ago making it impossible to get a loan.

Just an example my day-to-day job pays me about 4,200 a month and on a home i own as an investment that is rented is worth 55,000 free and clear i tried to pull out 10,000 and got declined in a heart beat because of my credit.

From what i have found LLC's don't seem to make them independent as i want it to be - What company type should i do to make my loans and what not 100% based on the EIN/business and nothing related to me? I know Corporations do this but that is way over kill for this and i do not plan on getting shareholders.

I am trying to do this so i can pull loans on homes i own 100% to buy more investments and lower the amounts i owe on some of the lease options i have without banks looking at my personal credit.

Any help would be great
thank you

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David A great book on this is:

Start Your Own Corporation by Garrett Sutton. I think most people use an LLC. I don't think there is a way around your own credit, so wholesale, and meanwhile build up your credit profile. Google Dun and Bradstreet to start building your business credit. Best Wishes!

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www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


look up zion properties

tammy owns zion she has some great info on this i believe. tammy i hope you dont mind me mentioning your name.


Yes, And Tammy also recommended another book

This one is for business Credit which I am reading: "Principle of Building Business Credit."

__________________

www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.


LLC

I would recommend an LLC. It is separate and creates a pretty good wall between you and lawsuits, regarding anyone coming after you or your personal possessions. And of course the tax benefits.

As far as taking out a loan in your business name. The banks will require you to sign personally on most all loans. Once you've had your business entity for quite a while, you may then be able to get a loan in your businesses name. They call it a non-recourse loan, meaning you are not personally responsible for the note. You will still sign for the loan, but only as a representative of the LLC. Your personal info will not be required.

I suggest you talk to a few bank lender reps and mortgage brokers and ask them what it would take to get to the point where you can do the non-recourse loan. You may do best to speak to the loan officers that primarily originate commercial loans, as they will be much more savvy to this type of loan. Most residential loan officers likely will not have a clue what you talking about.

Good luck,
Jim