Got my corporate line of credit today and $600
October 10th, 2007 by KenricThis line of credit is personally guaranteed by me. They did run a credit check on my LLC and on me. However, this line of credit will NOT show up on my personal credit report.
I also went into the bank to open a new account for my online business and to close some other accounts. The manager says, let me give you some money today. They had a promotion where you get $200 for every new account you open up. So I proceed to open up my online biz bank account, cha ching!
I went to cancel my other checking accounts because they had DBA (doing business as) names that no longer made sense. I made the mistake of opening up accounts for specific properties when I first began investing. For example, I would have a checking account called “Scottsdale condos 100″ for my Scottsdale condos. However, after I sold those condos the bank account no longer made any sense. I would be asking my tenants in Chicago to write their rent checks to “Scottsdale condos 100″ which made them scratch their heads. So I wanted to cancel all my accounts with these funny names and open up new ones with a more generic name like, “ABC properties” or “ABC investments.”
So that’s what I did today and guess what, every account opened was $200! So I walked away with a $50,000 line of credit and $600! I could have opened up more accounts, but what am I going to do with 10 more checking accounts? The banker said, if you want to open more accounts and get $200 you’ve got until December 1st. Hmmm, I wonder if I can open 5 every day and make a cool $1,000 a day?
BTW, I was real impressed with the person at the bank today. He was on the ball and had his act together. It was like a one stop shop. When I created my new DBA accounts, I also registered the new tradenames on the spot. He had the forms ready, the cashier’s checks cut, the notary standing by, envelope printed and stamped. It was literally on autopilot. All I had to do was come up with a new name and sign on the dotted line.
Posted in Finances | 
Stumble it!
what bank was this at?
By Brett on Oct 10, 2007
I’m curious what your business license is costing you. When I opened a retail business, that was my biggest expense. Also, aren’t you required to publish your DBAs in the newspaper? What is that costing?
By ubu50 on Oct 10, 2007
Also, are you doing this business as a sole proprietor?
By ubu50 on Oct 10, 2007
Check out the mover and the shaker!
By Clifford on Oct 10, 2007
Brett, it was Chase bank
Ubu, the DBA is costing $10, you don’t need to publish anything in the paper. I believe you’re thinking of when you create an LLC. When I created my LLC I had to publish something for 3 days in a local paper.
The business license costs about $90 and I’m doing it as an LLC.
By Kenric on Oct 10, 2007
I’m assuming this is a retail business. An LLC may not be the way you want to go on this due to the tax laws. Is this a partnership or a sole proprietorship? Also, the IRS is not nearly as aggressive on audits as state tax boards are when it comes to sales taxes. Most states are losing a lot of sales tax due to internet sales so you can almost be assured that with electronic tracking (merchant credit card account) your sales are being monitored.
My first business license cost $2000+ so business licenses aren’t always cheap!
By ubu50 on Oct 11, 2007
THIS HAS TO BE THE MOST RETARDED QUESTION IVE EVER HEARD… DUDE, IF YOUR WORRIED THAT YOU CANT AFFORD A $10 NEWSPAPER ADD.. YOU NEED TO STAY VERY FAR AWAY FROM ANY BUSINESS OWNERSHIP… GET A JOB SELLING SHOES OR SOMETHING MORE IN LINE WITH YOUR IQ… GEZZZZ WHATA MORON…
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Also, aren’t you required to publish your DBAs in the newspaper? What is that costing?
By NOBODY SPECIAL on Oct 23, 2007