LLC and Financial Troubles

[Tiara B.]

Hi I have read soo many inspirational posts that gave me the push to stop bring scared and listening to others. I decided hey let me get started. Rentals was the first thing that caught my eye. I started a LLC for long term rental properties. Now I have run into so many obstacles which i expected some but not as many as i thought. I was hoping to build my business credit to get a lender. But was denied a secure business card with Wells Fargo. I was informed i would need at least 10k to start which i do not have. Someone brought to my attention wholesaling. Im concerned about my LLC. Can i still use my llc even though it's for rental properties? What would i need to do? I dont plan on doing wholesaling full time. I jumped out there out in faith and feel like ive messed up alot already.

[Jason D.]

@Tiara Beard dont bother with the LLC for wholesaling.... What assets are you trying to protect?

I hate to say this to you but going into wholesaling because you couldnt get into rentals will lead to failure. You have to be 100% into wholesaling to be successful. It will take a lot of money and even more time, and if it's only a side gig to raise capital, I would guess there is a 99% failure rate.

My advice is to get a regular job, save some money, build your personal credit, then start looking at rental properties.

Or find family and friends that are willing to invest in/with you.