Updated over 2 years ago on . Most recent reply
Seeking advice and guidance
After working in the car hauling business for a while, I decided to go out on my own. I formed an LLC for my vehicle transportation business. My first load is March 2,2023. By my calculations, the business should net a very conservative $6,000 monthly. This is after all operating expenses including business savings and a cap of $1,000 weekly payout to myself. It is my desire to acquire 2 quadruplex's before the year end (12-31-2023). I was thinking of buying 1 quadruplex as a owner/occupant as a first-time home buyer. The other quadruplex would be purchased by the company's LLC that I own.
1) With the exception that the acquisition of two quadruplex's is achievable, what would be the best way to get them before the year ends?
2) If the above strategy would suffice:
A) What financial metrics does the company need to meet in order to qualify for a loan?
B) What financial metrics do I need to meet in order to qualify for a real estate loan?
C) Is it wise to have the LLC elect corporate tax status by filing 8832?