I am new to the real estate game and have recently found this forum which I have learned incredible amounts of information from. I have never invested on my own, but am currently partnered with another investor who is rehabbing a house in No. VA. My question is as follows: Does anyone have any good ideas on establishing corporate credit for an LLC or S Corp? My credit is horrible and I will be unable to obtain financing by personally guaranteeing a loan for my LLC. I was thinking about getting a secured credit card for the LLC for the current rehab I am involved with, but does anyone have any other ideas? Your help would be greatly appreciated.
Getting your personal credit fixed is just as important as getting the corporate credit. One thing for sure is having a reale state business makes corporate lending sometimes difficult as its considered very risky. There are places like Lowes and Home Depot that will give you credit based on your business credit but that takes some time to develop as well. You have to start with a tax id and duns number. Look for suppliers that will work with you on a net 30 basis and report your payment history to the credit reporting agency for your business credit to build up a file. It takes time just like your personal credit.
A secured card is an option as well. Good luck!