Looking for advice on starting a fix and flip/BRRR business
Hi all!
It's been awhile since I have posted, things in life got kind of crazy for awhile. I had some promising leads, but due to my personal credit, they didn't work out. I've taken big steps to fix this, but long story short, due to divorce I had to file chapter 7 for a clean slate.
My question is, keeping in mind my recent chapter 7, what would be a good route to take for starting a business dedicated to fix and flip and BRRR? I want to form my LLC within the next couple of months, and I want to have my business accounts separate from personal and operate out of my business accounts. In my research, I've seen NET 30 LOCs, business
credit cards and business LOCs as options. I know I won't be getting a LOC right off the bat- I was thinking of starting with NET30, then CC, the. Unsecured LOC after a year or so and a couple deals under the belt in the LLC's name.
Since my Chapter 7, I have a new car loan and was approved for an unsecured CC of $500 limit, and they stated my EX score was 731.
I want to do things right from the start so my business credit is good and separated from my personal from the start. Any help is appreciated!
Thank you!
Derrick