We're currently strategizing on how to best establish business lines of credits for our LLC. Cameron's Legacy LLC has completed one fix and flip in Brooklyn NY, manages a 1BR short stay and wholesaling operation in Miami and owns a two family duplex in New Jersey.
We are concentrating on BRRRing multiunit properties in high growth markets nationwide, virtual wholesaling and short stays.
Our lines of credit would primarily be used for a mix of rehab materials, business expenses, business emergencies, wholesaling expenses and cash advances sparingly.
We are a very brand new company, only at this officially since December 2018 and we’d like to do two to three more investments this year. My personal credit is 800 and I have $40K left from a business loan I gave the company. Because we have such a small amount of capital to invest I’d like to compliment it with a goal of $100,000 in combined lines of credit. Specifically a Chase business credit card, Capital One Spark Miles, Business Platinum (AMEX), Lowe’s and Home Depot Commercial cards and a Best Buy business card.
Does anyone have any advice on establishing lines of credit for a new company and only one asset? My concern is applying for so many accounts at one time and the impact it will have on my personal credit. Additionally my credit will potentially be run again for at least 2 to 3 hard money loans this year.
Should I maybe apply for one credit card a month? Should I research the two cards that will give me the highest lines and apply for those? I’d like to have $100,000 in credit by the end of the year. Any insight is appreciated. Thanks in advance for your support.
