Posted by James Harris on December 23, 2005 at 11:57:59:
Mainly to hold property.
Making money with an LLC - Posted by James Harris
Posted by James Harris on December 21, 2005 at 22:34:18:
This might be considered a sill y question… Who cares. I have had an LLc for over 2 years now. I need to let it start making enough money where I can apply for a loan using my LLC. I’m open to suggestion as to how to go about doing this. HELP!!!
Re: Making money with an LLC - Posted by Randy (SD)
Posted by Randy (SD) on December 22, 2005 at 08:04:29:
I don’t want to be a wet blanket on your plans, getting real estate loans in the name of your LLC is difficult at best. The first thing you must do is to establish trade lines and a credit history for the LLC, search the archives for “Establishing business credit” or check out this link http://www.creonline.com/real-estate-financing/wwwboard6/messages/41915.html
Even though your LLC may have established credit, most lenders will not make a mortgage loan to a LLC without a “personal guarantee” from a principal officer of the LLC (which means your credit is still an issue). Undoubtedly someone here will come back and say this statement is wrong, I will agree that it is possible, however not likely for a beginning investor. A better approach is to build up your personal credit, or learn to buy real estate without credit. As a last resort to a google search on the subject “Establishing business credit” there are resources available.
What’s your business? - Posted by Merez(IA)
Posted by Merez(IA) on December 21, 2005 at 22:51:11:
What did you create the LLC for? To hold property, to run as a business or something else?