Buying under a LLC ???

[Jesse Barahona]

I know this is a rookie question but it completely slipped my mind, how does one buy under an LLC ? Do I need a separate banking account with funds? do I need to establish credit with the LLC ? And how do I do that ??

[Dan V.]

Before you buy under an LLC you have to make sure that you will be able to fund the purchase under the LLC. Banks do not usually lend to new entities so initially, you either have to put in your own money to the LLC or borrow from hard money or private lenders. And if you are going to use an LLC, everything should be under the LLC name, and transactions are processed thru the LLC accounts, no commingling.

And yes, as Carl mentioned, the lender may require you to personally guarantee the loan until you have enough history to get you off the hook.