Does the LLC need a DUNS#?
Hello Everyone! Great to virtual meet you. I just created my LLC and open a business bank account to finally start my real estate investing journey. I am very new and have been following on social media on various real estate investors to learn this past year, so now I'm jumping right in to take action :-)
Does a single-member LLC need to have a DUNS#? I've been reading a lot about building credit within your business, and many said DUNS# is helpful, but does that also apply to businesses where my LLC is created to just buy/hold/sell properties?
A little about me: my overall goal is to build passive income and generational wealth for my family. Looking into starting with wholesale first, then use that money to do rehab/flip, then buy/hold/1031residential homes to duplex to apartments.
Hi Ruth,
Addressing the strategy portion:
Focus on SAVING CASH in the bank (FDIC) for down payments, you might want to open a special account for this.
Typically you will need 20% (to 30%) down, plus a cash cushion dictated by the lender, and your share of the closing costs and loan costs, plus insurance.
With an FHA loan you can jump into a duplex with 3.5% down (if you live in one of the units).
A strategy might be to find out what you need to be: (what the bank requires to lend) re. Credit Score, Income, Debt to Income ratio, Cash in the bank (and for how long) W2 vs self employed (for how long).
Focus on getting the Down Payment for one purchase SAVED in the Bank....the more 20%'s you can get--the more you can buy.
Earn as much as you can and cut your expenses to the bone.
Meaning if Wholesaling is bringing in 10k a year, and you can't save any of it--maybe get a W2 job (and a 2nd W2 job) and sleep on a relatives couch for portion of the utilities and a portion of their rent.
If wholesaling is bring in $10k a year vs. for instance Minimum wage in California is $15 hour which is about 4 months work full time to make $10k --consider where you can make the most money.
Good Luck!