I invest in the Cincinnati, Ohio area and have been using my own Capital. However, I have recently purchased several multi-family buildings with great cash-flow. I have used most of my working capital doing so. I am looking for a good Business Plan for the real estate investor so I can “start using money from lenders”.
The goal is a Business Line of Credit $50K - $100K.
Can anyone advise on a good plan to use. I saw a plan on this web-site for $39.90. Response will be greatly appreciated.
Good Afternoon Sumner,
I invested in a condo in Mason and did well with it. I keep my business plans to investors very basic, finding private investors and banks want to see three main items detailed - how much will their return be - how much money you want - and what is the downside if any; this usually includes a detail of your exit strategy. I’m sure there are a lot of great business plans out there, this is just what I have had luck with.
Enjoy your day,
Purpose Investments LLC
The goal is a Business Line of Credit $50K - $100K
WHen you set up your LLC, did you get an EIN as well? The state that you live in will sell your company’s information to various banmks and other companies. If you have good credit or one of your partners in the LLC has good credit, fill out those business card credit apps 2 at a time to avoid getting too many inquireies on your credit repot. That is how I got my first one, for only 9 k . But its a start.
Without the EIN number, nobody knows your company is alive and kicking!!! Here it seems very slow, only 2 months since I set up my LLC and I only got 1 business credit card for $9k which is pretty sad. I did some checking on the comapnay after I got the card. Found out once you start using it, they only let u use half the credit line until you prove to them that you are responsible. lol
SumnerInvest, LLC , It dosen’t take much to get financing from Private Lenders, NO DOC. Investers, or any Financial Institution. Your Corporation / LLC must be in compliance with State/ Federal regulations. Must have a Corporate Credit Profile, Potential Company Financials, a Business Plan might be asked just for thier file. Some times inorder to recieve large Capital $500,000.- $200million the age of the company will be considered ,and a Contact who knows. I could continue…
You’ll get your EIN in about 5 minutes! Don’t forget, you’ll probably need a state equivelent, as well. Double check with your CPA or attorney on what city/county license or gov numbers that you will need.
Did you do the C-corp or S-corp paperwork for your LLC with the IRS? If not, look for form 8832 to elect C-corp status, then 2553 to elect S-corp status, as needed. Of course, you should read the pubs so you do the paperwork right.