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Discovering Multifamily
Buying a Business Vs. Real Estate With Ryan Condie
Sep 30, 2020
Ryan Condie, entrepreneur and host of 'Let's Buy a Business,' discusses the differences between buying a business and real estate. Topics include acquiring and growing companies, the similarities between business and apartment buying, and Ryan's personal experiences with success and failure in entrepreneurship.
22:58
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Quick takeaways
- Business credit allows businesses to make purchases and take on debt without impacting personal credit scores or liabilities.
- Real estate investors have a unique advantage in building business credit through multiple LLCs or corporations for different properties, allowing for scalability and increased credit limits.
Deep dives
Understanding Business Credit
Business credit refers to credit that is tied to a business rather than an individual. It allows businesses to make purchases and take on debt without impacting personal credit scores or liabilities. Almost any business, except for a few restricted industries, can obtain and build business credit. Building business credit involves creating a credit profile for the business by establishing trade lines. This can be done by working with starter vendors who offer credit for supplies and report payment experiences to major credit reporting agencies. Building business credit is important because it offers non-recourse debt protection, higher credit limits than personal credit, and adds value to the company when it comes to selling.
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