Can anyone comment on the use of business lines of credit? In reading email generated by Tom Kish and his cash experts program, he touts business lines of credit as being excellent ways to get cash to use for investment purposes. He says that the lines of credit do not show up on your personal credit history. Aside from the usual risks associated with borrowing money, is this a good way to go about getting cash? Are interest rates that much higher? What sort of proof of business ownership will banks look for before issuing a credit card or line of credit? Anything anyone can tell me is much more than I know or understand at this point in time, so all is appreciated.
thank you.
Do you have llc? Do you have your phone under your business name?
Get small lines of credit under your business name like your cellphone
That a great idea. Minamal debt on your credit report makes it easy to buy more property.
Unlike your HELOC with is usually against your Primary residence, the Business line of Credit it just that business and in some cases you do not have to sign personally.
If you do not have to sign personally ( a Personal Guarentee) I would suggest that you get at as much as you can.
I would say this becaue you can purchase your own properties with the money and if you want even more ROI try priviate investing with it I would suggest you read my other comments with that so you limit your risk with the greatest return with out the hassel of finding the deals. I have a lot of fun doing it ;D
Thank you!