How to get a Real Estate Loan Using Your LLC (For Investors)!

[@SPCBOE]

Anyone know the weight of the dumbbells he used? Awesome video!

[@BusinessCreditWorkshop]

Thank you!

[@melodyn6419]

Any national hard money lender you recommend?

[@melodyn6419]

How do you think of lendinghome?

[@jaybetancourt9221]

Is novo a trustworthy?

[@LataniaMichelle]

Very helpful. Thank you.

[@BusinessCreditWorkshop]

You're welcome!

[@melodyn6419]

Do you know any local new jersey hard money lenders could lend you 10% or less in down payment? As most of them require 20%+ down payment?

[@melodyn6419]

Any local new jersey refinance banks don't require tax return that you recommend?

[@Bustedkuhnuckles]

OK so say i buy a house for 30,000 here in indiana. And put 10,000 in it. if it gets valued at 80,000 then what loan would I try to apply for? and should i use an llc here in my state or have an agent and use a different state?

[@BusinessCreditWorkshop]

I would consider getting a loan for 75% of the new appraised value (80k) from my local IN based entity.

[@DonDada-zd8lr]

Just subscribed, Forming an LLC , on another page it stated Gary Indiana and Milwaukee as best invested regions , do u agree , my initial cap is probably 80k

[@BusinessCreditWorkshop]

Ty for the sub! It's really up to you. When getting business credit one area isn't going to make a big difference over another area. But I would open locally in the state you are in and do business in. Not sure if I fully understand your question but hope that helps.

[@temiymahs_World]

Does your LLC need to be established for a while or be bringing in income to start the acquisition of a property through loans?

[@BusinessCreditWorkshop]

no, it can be new. it is mostly based on the asset, not the llc.

[@emilioestevez3469]

@@BusinessCreditWorkshop what if you only have an LLC and good personal credit.can you secure a loan that way? I have no assets yet under my LLC just my personal credit

[@BusinessCreditWorkshop]

@@emilioestevez3469 yes, it would be called an unsecured business loan/loc.

[@jeffchristianson-ziebell]

@@emilioestevez3469 borrow from your kid brother, Charlie - or your dad (Martin of course) gosh you’ve access to millions bro 😂

[@waifungilism2004]

Plastiq do they charge you a fee?

[@KalebRowland]

Can I buy a property in my personal name using my LLC income. Then shortly after buy a property using my LLC income, but have the mortgage and title be under my LLC? I’m asking so I can get by the DTI

[@BusinessCreditWorkshop]

I think you have an idea here that could work but I'd talk it out with a few mortgage professionals

[@peterpaulpancipanci]

This is the truth

[@samanthaaustin1332]

Now I am just wondering wouldn’t it be better just to flip the house instead of renting and move on

[@BusinessCreditWorkshop]

Depends on what you want? Upfront big pile of cash (that you have to keep working to earn) or less money but builds your passive cash flow (more freedom for me).

[@matthewrosas192]

Man I’m barely 18 and already have a LLC just gotta get a credit card

[@BusinessCreditWorkshop]

that is awesome! congrats!

[@YungJayInDaTrap]

Do you need to have good credit to do these?

[@BusinessCreditWorkshop]

good credit usually is not important for hard money loans

[@ilanareed8741]

What about when there is more than one member in the LLC?

[@BusinessCreditWorkshop]

Depending on how many members and their ownership percentage, they may need to sign as well. A lender will ask for an operating agreement too usually.

[@MarcAugustine]

hey, my name is Marc Augustine. I used to run My Business Credit Blog and Credit Rich back in the day. I now run a live podcast where I do interviews on my channel. I mainly focus on dropshipping but I will like to interview you about credit since it is something that dropshippers need and use. Do you think we can set up an interview on my change?

[@BusinessCreditWorkshop]

I think I remember that product! Please send us an email for any inquiries

[@MarcAugustine]

@@BusinessCreditWorkshop whats teh best email to get you on?

[@stanmoney8470]

I'm trying to use the simplest method with my LLC. Can I just put 20% down? Even if my LLC is new, will they accept just be putting 20% down?

[@BusinessCreditWorkshop]

Yes you could just do that. Some banks will take 20%, most 25%. That changes often

[@stanmoney8470]

I had one lender tell me he had to do it in my personal name. I said no I have an LLC. He told me to try a community bank. This lender was out of state. I'm trying to buy multi family out of state. So would I have to do a cash out refy to get a loan in my LLC name??

[@BusinessCreditWorkshop]

@@stanmoney8470 You can still do it the way I outline, in any state. Meaning buy in your llc, and cash out refi in your llc. This works with hundreds of local banks and credit unions.

[@melodyn6419]

When your 0% apr intro expired, can you ask the same bank to extend your 0% apr for another year?

[@BusinessCreditWorkshop]

You could ask them that but I doubt they'd offer it.

[@WesternNyBigfoot]

How you can't refi in a llc with a regular bank

[@BusinessCreditWorkshop]

4:55

[@finessefashions9920]

If a property is listed for sale by owner but has been posted for sale by a real estate agency for 800k but has been on the market for over a year will a hard money lender be willing to put up 600k for a cash deal or or 75% of the 600k..asking because there's alot of equity in the property if it was appraised and listed for 800k

[@BusinessCreditWorkshop]

The hard money lenders I work with will lend off of the future after repair value of the asset.

[@finessefashions9920]

@@BusinessCreditWorkshopunderstood but what if there wasn't any major repairs needed and the house was in good enough condition to sell as well as be refinanced?

[@finessefashions9920]

The owners are in need of money and house has been on market for a while and they're considering taking less on a cash deal instead of sitting on the property

[@BusinessCreditWorkshop]

@@finessefashions9920 talk to a hard money lender. there is always repairs that can improve the value of an asset. or use private money/business credit.

[@WesternNyBigfoot]

Dscr

[@BusinessCreditWorkshop]

yes thats good to look at. debt service coverage ratio. most banks want around 1.25. make sure there is enough income to cover the expenses and have some buffer left over.

[@1_South_Business_Services]

I'm having information overload. We own a property free and clear 100k(equity) we live on however it needs total reno. LLC is set up. We want to move into a new house and start with one small investment property. What's the BEST way to leverage this???????

[@BusinessCreditWorkshop]

So you will move out of the house that has $100K in equity (House A) and move into a new home (House B)? You would have to get qualified advice for this but could consider putting house A into your LLC name and then getting a business line of credit or hard money loan or something like that against House A. If hard money loan, then have your refinance plan ready. Whatever plan you have, make sure to have the lender all lined up first before changing anything with title.

[@1_South_Business_Services]

@@BusinessCreditWorkshop Thanks so much for your response!!!! I have asked this- well seemingly fairly simple question to a number of "real estate gurus" and they couldn't say as much as you did here!! Our family needs more space and the house needs some repairs so we have the option to renovate/add on - we have the yard space-do that and rent it for income , use some of the equity however( down payments) to get a new place and maybe one more rental - Like a wholetail deal that only needs a light reno - carpet, paint ect. 'Im educating myself as much as possible bc I want to do REI full time- that's how I found your channel. I think the good thing is we have a remodeling company that does renovation- we had new windows put in using a revolving line on personal credit without borrowing against the property. We're looking into doing the same for renovating/ additions what have you, and yes we want to put it under a LLC. The biggest question for me is it still possible to borrow against house A it if absolutely necessary once it's in the LLC????

[@BusinessCreditWorkshop]

@@1_South_Business_Services Yes, but you need to find the bank first. It will take a lot of phone calls to find the right lender.

[@NineLivess762]

Subscribing just because of the free helpful information you provided here!

[@miroslavangelov8036]

How can you get a loan on LLC for buying rental properties, if you receive your income as an individual, not on your LLC?

[@BusinessCreditWorkshop]

the banker can consider global cash flow. that means they can look at the total picture including your income as an individual.

[@vwater5371]

Fuckin vol is low