BiggerPockets

I am a big fan of having a business plan to get started, my only advice is to not make it super complicated, as it can create a slow down in your activity that is not justified.

We have seen investors spend 6 months on a business plan! LOL

- Just write a basic mission statement.
- Create a "realistic" goal of how much money you want to make in 2009
- Find out what the average wholesale deal will net you in your area.
- Plug and play the numbers game to figure out how many wholesale deals you need to achieve your goals.
- Let every, single human being you come in contact with know what you are doing.
- Get out on the street and meet at least 3 new people per day!
- Focus on activities that MAKE REAL ESTATE HAPPEN!

While this advice might be generic, it is effective!

2009 is the year of getting back to basics!

Have a Profitable Day!

Make sure your Company name is listed with the D&B, have at least 6 tradelines, your Business name credit score should be 80. There is more to than submitting a business plan proposal. The name of your company must name correctly otherwise the bank will not lend you any money for your investments.

PM me if you have any questions.

Originally posted by Joe Salimao

This is only if you want to get financing in the name of the LLC. You do not need to do this otherwise. In fact I would say most investors don't even bother with this.

Why would you NOT want to get unsecured financing in the name of your corporate entity, if you have that option?

As much as I like carrying around personally secured debt that will negatively impact my FICO score and my ability to get additional loans, I'll choose unsecured corporate loans any day of the week... :)

Originally posted by Joe Salimao

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If you can find a broker who will offer me residential terms on a commercial loan then I would be thrilled.

I work with a local bank that provides unsecured residential loan products to my LLC, so they definitely exist...shop your local banks...

Originally posted by Barry Robbins

When you say unsecured do you mean something like a non-recourse loan where you would be putting something like 30% down?

Unsecured just means that the bank has no recourse against your other assets. All they have is your promise to pay, and if you don't pay, it will likely hurt your (or your business') credit, but it won't result in the loss of any collateral.

As for the specific terms, it really depends on the lender, your financial situation, your business plan, your experience, etc. Every case is different, but in general, unsecured loans don't have as good of terms as secured loans (for obvious reasons).

I've heard that, too. Don't name your company with any reference to real estate investing. Like Scott Properties wouldn't work, while Scott Investments would.

Banks tend not to lend money to start-up investment and real estate companies

I can't speak for others, but I have the word "Properties" in my company's name, and have had absolutely no problem getting money from banks...

If you're having problems getting money for your company, it likely has NOTHING to do with your company name...and more to do with your company's business plan and experience...

For those who think otherwise, do you think you can walk into a bank, ask for a loan, and not tell the lender what you plan to do with the money? And once they know what you plan to do with the money, do you really think it matters whether the company has the work "Properties" or "Investments" or "Real Estate" in it?

Come on!

Having big goals is a good habit. I would suggest you to set small time frames goals. Be more specific about the business, you want to start. Judge your capabilities like investment, management and entrepreneurship etc. Don't forget to conduct a market research before starting any business.