Would it be easier for someone with terrible credit to get a loan to an LLC?
Let me first say I'ma student / fan of Robert Kiyosaki. I have all the videos and audio books and games that did. Apparently, the "No Money Down" days of hard money lenders. I said the other day that my financial education is outdated, because I was looking, not a loan at a low price to buy a rental at very cheap prices for two families from a friend. I'm eager to start REI, but I'm celebrating a little too much in my past and has a terrible credit. I've matured a lot since graduating from college, but my past still haunts me financially. I work as a delivery driver and half of my money is from tips, which does not count in my income. So I have a bad credit that capital and loan loss ratio of income. Would it be easier for me to make a simple LLC and acquire investment properties through that entity? Finally tried to take my future properties in an LLC for asset protection and liability protection anyway.
Whether as a company must apply and qualify for a mortgage as you would anyone else. The company as you do not have a history, you can not prove or verify income, assets or not the story, so his immediate plans would not work. Because your company is not necessary ingredients to seek approval for a mortgage or other loan legitimate, you can build this company at this point. Form of the company, is a Federal tax identification number, open a bank account for the body by federal tax identification number has come, keeping records and body clean, tax return each year, although the company had no money. The company can obtain credit cards from certain businesses such as Office Depot, Staples and others with a limited amount of credit on behalf of the company must implement. These companies will not be asked your social security number, but the federal tax identification number that has been obtained. Once you have created this company, you get credit sure to pay off these debts on time, using the company account. Be careful because some states require the payment of any tax, even if the company is to make money. It also has a Nevada or Delaware corporation in these states do not require taxes, your state may be considered as a foreign corporation and is charged to make consequential business in your state. Want to check the cost of a foreign company operating in your country who are opposed to any form a company in their own state. I hope that was useful to you, good luck. "IN CONTROL"
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