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Started By
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where to start about finding out your worth...
Posted on 11/30/12 at 1:38 pm
Posted on 11/30/12 at 1:38 pm
My house and car is paid off.. only have the normal monthly bills
I want to start my own business of some sort or partner up with someone...
anyways I wanted to know where I go to find out what my assets amount to and can these be used to get a loan? Is this called liquidating?
I want to start my own business of some sort or partner up with someone...
anyways I wanted to know where I go to find out what my assets amount to and can these be used to get a loan? Is this called liquidating?
1
Posted on 11/30/12 at 1:42 pm to Jax007
you can always get a home equity loan, I'd start out at a bank to see how much
Posted on 11/30/12 at 2:48 pm to yellowfin
Assets-liabilities= Net Worth
Add up all of your things subtract anything owed on said things (in your case nothing) and that should be a good jumping off point.
Add up all of your things subtract anything owed on said things (in your case nothing) and that should be a good jumping off point.
Posted on 11/30/12 at 3:05 pm to Janky
Woohoo! I'm under -$50,000 
Posted on 11/30/12 at 5:12 pm to Janky
Also keep in mind, startup business loans can be tough to be approved for in comparison to personal secured debt. Use Janky's formula, then proceed to make sure your credit is spot on. High net worth can be useless if your credit is poor. Be prepared to prove the assets, have at least 2 years of tax returns, as well as a solid cash flow that can cover the loan. Good luck!
Posted on 11/30/12 at 5:23 pm to Llama
Yes, cash flow is key. A couple of years ago the banks were turning down what I believe was 2:1 using land as collateral. This may have loosened up since then.
Posted on 12/2/12 at 12:23 pm to Janky
quote:
Yes, cash flow is key. A couple of years ago the banks were turning down what I believe was 2:1 using land as collateral. This may have loosened up since then.
Very much this.
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