Ok /biz/ I need your input on a plan, would help if you have

>>1696460
>Because it's an LLC they can't touch my personal finances
kek

go for it, you're totally right and not mistaken about that at all!

>>1696463
Like I said, I don't know how these things work and wanted input. I'm asking this so we can start a discussion on the idea and modify it so it works.

>>1696463
>askes for advice. states they know little about subject
>hurr ur dumb, go ahead and fail

please leave or contribute. id like to hear how/if this could work

>>1696472
how it works is you get charged with fraud and your personal assets seized. Mostly because the LLC is a pseudonym used solely to protect you from your own liability which is illegal in the US.

>>1696478
Thank you for being more constructive.

>>1696482
You're welcome.
the fact is you could probably get away with it once, because most likely you don't have any assets they could take in a personal bankruptcy. But once that bankruptcy is filed it's going to be another 11 years at least before you can get that type of loan again. If you're convicted of loan fraud you'll likely never recover.

>>1696484
That makes sense. I don't mind going a more legit rout but wanted to poke around in other areas that were fast and easy.

>>1696487
what you're thinking isn't necessarily illegal as long as you actually have the equity in your home to cover the second mortgage to your trader.

You'll find getting no-doc loans with unseasoned assets is extremely difficult though, and if you can pull it off you wouldn't need to do this anyways.

I have gotten a couple no-doc mortgages in the past, but I have enough cash flow I'd never borrow against a house just for $25k when that's a couple months work for me.

>>1696494
I wouldn't make a trade the value in the property couldn't cover. But if I did have to forfeit the asset I'd want a way to repeat the process without it effecting my credit. That's another thing I don't have experience in is what I can do that doesn't touch my personal credit score if things go south.

>>1696496
I don't know of any way for you to do the trades, you to take the profits, and you to not have any potential liability.

you could get around that by hiring someone else to do the trades, or paying someone else the profits, but I assume if that were an option we wouldn't be having this little chat.

The laws are very specifically designed to prevent what you're trying to do. Or at least make sure banks can take everything you own if you do it and fail.

>>1696507
I wonder if a string of Corporation through NV would do it. But at that point the work isn't worth the profit.

>>1696515
might work but I'd guess banks are probably less likely to loan to a Nevada corp.

the type of loan you're talking about is almost impossible to get without huge income or assets anyways.

you could just do things the way the law intends-
buy a house, pay it down for 5-10 years, and then get your margin account.

>>1696519
Lol Screw that. I could buy one free and clear in that time. I'm in Cali where almost nothing is under 100K but I suppose I could look in Texas for a 30K home to play with. My original plan was to not risk my personal home but I suppose there are other ways. Don't know why I never thought of Texas as a place to buy a house as collateral... Anyway I have my research cut out for me.

>>1696523
>Don't know why I never thought of Texas as a place to buy a house as collateral
you can only use equity you own as collateral, so it doesn't matter what the house is worth, you'll need to pay down enough to get your account either way.

In texas that just means you'd have to own the house outright to use it as collateral. In Cali you'd just need to pay down the $25k or whatever you need. You can't borrow against equity another bank owns.

>>1696527
Oh no I would buy the house in Texas and own it outright. I don't see that being a problem. It's just I don't want to spend 25K to own a house that I still owe 100K+ plus on as collateral.