Updated about 7 years ago on . Most recent reply
Creating a Business and LLC
Need some advice on Business Basics since I have never owned a Business or ever created one until now and I am not sure if I am just over thinking this but I want to do this right for my family's sake. I have a Business name picked out, a Business plan and I am more interested right now in Buy and Hold Investments both Single and Multi-Family units. Should I create an LLC immediately and would you recommend using a service for your Registered Agent???
Most Popular Reply
Lots of pros and some cons- we chose to do an LLC 4 years ago when we started. Now it's helping us as we need to start getting commercial loans (I am maxed out personally with 3 mortgages and a HELOC). So now I am using my $120k HELOC to buy/renovate and now the LLC can get more financing. Commercial loans are different- definitely go for them only when you have to. We used 30 year private mortgages for our first 5 homes, all with banks that knew we were deeding them to the LLC. Use a small local bank if possible.
BTW- Commercial lenders don’t do 30 year notes.