Business Credit Card for RE Business

Houston, Texas
General Landlording & Rental Properties
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Business Credit Card for RE Business

Stephen Daniel Pace
Rental Property Investor · Houston, TX · Member since 2022 · 17 posts · 16 votes

Hey BP family! I close on my first property this week and after closing, I'm wanting to get a business credit card to use for rental expenses purposes, particularly the things I'll need to purchase to prepare it for renting. Is it better to go through the process to get an LLC and EIN and then apply for the business credit card? I don't plan to transfer the ownership of this property to the LLC since I'll eventually want to refinance the 30yr conventional loan that I'll have down to a lower interest rate. (I've heard there are challenges with getting a conventional loan under an LLC). Or is it better to apply for a business credit card without an LLC and EIN and just use my personal info on the application? TIA for your reply! :)

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  • Jason Rushin
    3343 Peachtree rd Atlanta ga 30326 · Member since 2020 · 20 posts · 8 votes
    3y
    Quote from @Stephen Daniel Pace:

    Hey BP family! I close on my first property this week and after closing, I'm wanting to get a business credit card to use for rental expenses purposes, particularly the things I'll need to purchase to prepare it for renting. Is it better to go through the process to get an LLC and EIN and then apply for the business credit card? I don't plan to transfer the ownership of this property to the LLC since I'll eventually want to refinance the 30yr conventional loan that I'll have down to a lower interest rate. (I've heard there are challenges with getting a conventional loan under an LLC). Or is it better to apply for a business credit card without an LLC and EIN and just use my personal info on the application? TIA for your reply! :)


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  • Daniel Desrosiers
    Investor · Member since 2022 · 44 posts · 27 votes
    3y
    Quote from @Stephen Daniel Pace:

    Hey BP family! I close on my first property this week and after closing, I'm wanting to get a business credit card to use for rental expenses purposes, particularly the things I'll need to purchase to prepare it for renting. Is it better to go through the process to get an LLC and EIN and then apply for the business credit card? I don't plan to transfer the ownership of this property to the LLC since I'll eventually want to refinance the 30yr conventional loan that I'll have down to a lower interest rate. (I've heard there are challenges with getting a conventional loan under an LLC). Or is it better to apply for a business credit card without an LLC and EIN and just use my personal info on the application? TIA for your reply! :)


     You can absolutely open a business card as a sole prop. Chase Ink's are my favorite. 
    https://www.referyourchasecard...

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  • Jason Rushin
    3343 Peachtree rd Atlanta ga 30326 · Member since 2020 · 20 posts · 8 votes
    3y

    Good Day! Now I'm no expert on business credit by far, but i established my own and im   Constantly study and learning and it's different cases for different situations.  You cant Establish business credit under your personal information. Now as far as using your personal info as a personally  Guarantee, that's a little bit different. You would still need some kind of business entity and EIN number to apply for business credit. Hopes this help.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Stephen Daniel Pace:

    Do a Google search for "Travel Freely" website. It's completely free. They have a short training program that explains how to maximize points, and they will recommend the best cards based on what you want to do.

    I started collecting points four years ago. I've purchased about 30 round-trip flights, all paid by points, and I have about 600,000 points saved up at the moment. I could have double or triple the points if I put in the effort.

    P.S. This is for financially responsible people. If you lack discipline, don't try this.

    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    I use Guaranty Bank & Trust. They have a big office in Houston 

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