Dallas, TX · Member since 2015 · 11 posts · 1 vote
need some guidance. i am working with a team - very new at investing. each of opened a dba. now i am going to get the hard money loan for our first purchase. here is the question/questions:
1. should i open an LLC before i make the application?
2. if i go with the dba i already have and try to open an LLC how long does it take?
3. i was told an LLC is a good idea in case something happens to someone while the rehab/wait is going on.
Investor · Cincinnati, OH · Member since 2015 · 374 posts · 120 votes
11y
Sellers and lenders are flexible when it comes to the LLC at the beginning of the process. They know you can't create an LLC every time you make an offer or apply for a loan. The bank is looking at the building and your credit (not the new LLC's credit). To answer your question, you can apply with LLC name to be determined or write down the name you will register knowing that you will have time to register. The registration process varies by state but is usually a 2-day affair.