đź’°LLC's & Building Business Credit While Investing in Real Estateđź’µ

đź’°LLC's & Building Business Credit While Investing in Real Estateđź’µ



hey what's going on everybody's Rodney I want to make this quick video I want to talk about your LLC's and I know a lot of people are wondering about LLC's and whether you need want to do wholesaling or not it's a good idea to get one for wholesaling on there are other reasons why you would want to get an LLC other than wholesaling so it can serve two purposes all right but let me just say that if you want to get started wholesaling you do not have to have an LLC when I first started in the real estate business I didn't have an LLC when I did my first few deals you don't need it if you don't have money to form an LLC I would recommend just you know doing a few deals or saving up money from your for your regular job to get one going you don't have to make it a priority all right but if you do have an LLC or if you if you think about starting one you can do it and you can put all of your your your deals in your LLC but you can also start to build business credit with it okay building business credit now business credit in an LLC or in a or in a corporation or something like that it's very useful and important because when you have business credit that's almost like having a whole nother person that has their own credit file so you can have an LLC with business credit and you can have your own personal credit also so it's almost like you have two people and a LLC or incorporation when you incorporate those are looked at and viewed as almost like a whole nother person so you can do a lot of things when you have your business running through some sort of corporate entity so that's a benefit of starting an LLC you want to build business credit now building business credit is a whole nother subject I used to dabble in that back in the day I formed a few LLC's and I'll give you a brief rundown of the things that you might want to look out for when you're forming an LLC and you want to start building business credit you're gonna have to deal with a bureau called dun & bradstreet okay dun and bradstreet they all like the TransUnion Equifax Experian for personal credit but they're the credit bureau the main credit bureau for business credit dun & bradstreet do you NN & Bradstreet alright so you'll you'll want to set up get yourself set up with them you'll need the ein which is like a social security number for your company okay you can always Google all this stuff because I'm not gonna get into too much detail but it's trying to tell you the benefits of doing this dun & bradstreet iin and then you'll start to deal with building the business credit slowly if you don't want to use your personal credit okay so you did certain vendors out there that you would want to buy from on credit to start with and it will give you credit on on terms called something like net 30 or net sevens which means that they will ship you the items okay and they'll give you 30 days to pay for it or 7 days to pay for it okay and you want to build up a few trade lines with companies like that on your dun & bradstreet profile until you get yourself in 80 paid X and 80 paid X paid X is the score like a fight go for your personal paid X PA yd x is what you want to build with dun & bradstreet okay once you get an 80 paid X and I believe last time I checked I believe you have to have three trade lines with dun & bradstreet in order to establish a paid X okay 80 is the score you want to get to and you want to keep so you'll get your vendors on board buying from them on terms net 30 net 7 whatever it is pay them on time and you start to slowly build business credit and then as you do that you start moving on to higher levels of credit okay there's a guy on that I follow on Instagram I'm gonna leave his link in the description of this video okay I follow him he's doing big things with business credit okay I'm gonna leave a LinkedIn I'm not getting any credit for directing you to this guy but he does this thing with getting people lines of credit on the way he's doing it now it seems as if once you have your LLC set up you would need to have a 680 credit score all right and he'll get you lines of credit big lines of credit that you can use to start in your real estate business or any other business that you have in mind just have happy LLC setup but I put the link to his profile on IG go there follow him see what he's doing he's doing big things getting big lines of credit so go there check him out um so yeah so if you form an LLC do that start building yourself some business credit along with your personal credit all right so that's just a piece of advice for you guys are wondering about LLC's if you have one go ahead and do that and start building alright see you next time

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