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15
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8
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David Harley
  • Rental Property Investor
  • Las Vegas, NV
8
Votes |
15
Posts

Business card small loan for prop purchase?

David Harley
  • Rental Property Investor
  • Las Vegas, NV
Posted

Hey there BPs!!!!!!

I recently opened an LLC with the intention of holding my (future hope purchase) of a multi family/or single family rental within the next 3 months on this Llc. Also to give ourselves some vilitity in the real estate world.

Upon opening the LLC I also opened a business acct w/ WF with $2k - I was offered a business credit card with an option of a small business loan with no % for first 3 months (up to 50k) .

Would it be prudent to use the $35-50k + $15k I have in bank for a rental prop or potential BRRR prop? All thoughts would be appreciated.

On the tax side, if it went south, would this kind of loss on a loan be a business loss and or write off? Or NOT due to investment venture? 

Most appreciated. I love this forum and the type of like minded individuals it draws. ✌🏼- D.

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