Buying Rental Property with a Limited Liability Company (LLC)
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- In this video, I discuss how to buy real estate using a limited liability company.
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc
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Explanation at 2:50 is genius !!!
Thank you for this info! I needed a few more pointers. Not only did you hit on what I was looking for but you also taught me something else in the process!
Glad it was helpful!
Great content.. nice confirmation on my ideas to have prepared LLC entities setup ahead of time also
oh yeah, i'm def taking notes from your videos man. Thanks for all that you do.
Glad you like them!
Best little video just save me a load of head aches
Excellent. Best of success with your investing.
Thanks so much for making these videos! Tons of great information! Appreciate it
JM
Thanks for watching.
Great important information. Thanks
Very helpful thank you
Still have a great head of hair too.
Love it.
Ha😂
Great information. Thank you very much.
Israel Vicente
Thanks for watching.
Really great video and clear . God blessings 🙌
Thank you!
Great deal of information, It’s what I need, wanna here more
Thank you
Absolutely brilliant, great information. Thank you for sharing.
Glad it was helpful!
This was very detailed
Thanks
Ty
👍🏼Thank you!🤙🏼
Hi Clint - thank you for the information!! Question - is there a specific entity classification that is beneficial for the LLC when buy properties (e.g. Scorp, Partnership, Corporation) or do we use it as a disregarded entity that is 100% owned by one person?
This would depend on how many people are involved in the LLC as members. If only one - then disregarded but more than one it is typically set up as a partnership. Keep in mind these are general rules and they might change based on whether you are married or using a holding LLC. If you would like a FREE 30-minute consultation to discuss it in more detail, you can request one here
- aba.link/30minSession
Thanks!
Thanks for the support!
Very informative! Do yo have a video explaining the process of receiving funding (hard-money or non-qm) exclusively for an LLC to purchase property?
I don't think so but what part of the HML process are you curious about?
“backed out when you give them that rationale,” meaning citing tax and law professionals?
Awesome Information!
Thanks
Thank you for all your amazing info. Quick question, if we closed on an investment property with our llc does it matter where we send the wire transfer for the down payment? Can it be sent from our personal or account, or does it need to be sent from our business account?
Not at all unless it is an REO deal and the bank requires the $$$ come from the LLC. I ran into this issue several years ago when I was aggressively buying bank owned properties.
This is awesome information! I live in Ca but I am looking to buy a multi-family in NJ. I will not be living in the propert but I belong to a credit union in NJ and want to try a portfolio loan. Does this mean I would be able to close as an LLC? Also I think I should have my llc in DE but I'm confused on the part where I am buying my property in NJ and what I need to do... do I create a 2nd llc or holding? in NJ?
Contact your lender and ask if you can close in your LLC. Most likely the answer will be yes if it is a portfolio loan.
if i buy a property using traditional financing with a partner and we have an LLC with us as the owners and members of it, do the same rules apply in regards to warranty deed? Also, what about the due on sale clause?
Yes and the due on sale clause is not an issue if you did not buy the property and declare it was going to be your personal residence I.e., owner occupied.
Great info!
Say in the worst case scenario: for one reason or another the property purchase in the name of the LLC becomes an expensive liability (e.g. structurally unsound or a rental property nobody wants to occupy). Is it possible for the LLC to declare bankruptcy with no financial liability to the individual operating the LLC?
Yes an LLC can file for Bankruptcy.
Great info
Glad it was helpful!
Great video, thank you! When purchasing with an LLC, does the loan (debt to income) show on your personal credit or the credit of the LLC? Is there a way to decide which to put it under? I am trying to think ahead if I want to purchase multiple properties but the debt to income is too high or a recent purchase is shown.
If you do not provide a guarantee then it shows up on the LLC. Second, if your LLC assumes the responsibility of the loan some lender will not count it against you.
Hey Clint amazing information. I would like to know would it be possible to use my business LLC to buy a property and turn it in to a daycare in NYC using the grant that the city is currently offering. How long does this process usually take if I would be able to?
I would think you should contact a NY attorney familiar with city grants. This is outside of our lane.
Thank you for great content. I am hitting some walls here- can I buy a rental property in North Carolina with the Florida LLC? Or does it need to be a North Carolina LLC? Thank you…
You can but you will need to register the FL LLC in NC
Thank you for all that you do. Quick question: If I have a primary residence that I’m in living in with equity and I take HELOC to fully pay for a new investment property, can I use the rental income to pay back the HELOC without negative tax consequences or would this be considered a co-mingling of business and personal assets? How best to handle this situation? Thanks again.
Not at all. This is not co-mingling. Co-mingling occurs if you use the LLC to pay back your HELOC. Also the tax consequences do not change with your strategy.
Basically have the rent go to the llc bank account then sent to you personally then pay the HELOC. Don’t pay from your LLC . Hopefully that helps
@@jodavinci1208 but isn’t that still co-mingling? Your using the LLC money to transfer to your personal bank account.
@@janediva3992 you can pay yourself from your LLC by a check or distribution transfer to your personal account , which is completely okay. , all your money flows to you personally anyways when it comes to taxes. Co mingling is when you are paying for personal things from your LLC (debit/ credit card transactions)
Thanks a lot for the video! I have an LLC set up in NY and I am looking to buy a property in NJ. Is this alright for tax reasons? I don't want to be paying taxes in 2 states if this can be avoided. Thanks!
Yes, absolutely but you will need to register your LLC in NJ
Thank u
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Subscribed 👍
Thanks
What I would like to know is, if I create an LLC is it required that I put my rental properties under an LLC for me to claim it as a business? Meaning I own 3 rental properties that I might or might not be able to transfer into an LLC because as every video says the lender might not allow it for X reasons and if I do they might recall the loan.
I want my rental income to be recognized as business income and I want to be able to be free to move my business anywhere I want and have the bank recognize that also for future loan qualification. Can I still have an LLC to use in order to process the way I do my taxes regardless of whether my rental properties are transferred over to that LLC on title?
The lender can accelerate your note if you deed your real estate into an LLC. In 23 years of practice and thousands of deed transfers subject to a mortgage, I can only think of 4 instances when a lender accelerated. These dealt with the investor falling behind on taxes or the mortgage. If you want the protection of an LLC then you will need to transfer the real estate into the LLC directly or use an land trust and assign the beneficial interest.
Thank you Clint. I am looking to buy a small apartment complex with owner finance and do not want my name associated with the transaction. Is there a way to do this and still own the property?
You would need to buy it through an LLC with anonymity like I discuss in my other videos.
Great video! Thank you. We'll contact you when we are ready.
Do you still have to pay the 20% down ? If it’s your second house ? Or a rental property ?
Depends on the loan you are applying for.
Hey Clint, what about a New Mexico LLC instead of Wyoming? I never hear you mention New Mexico at all. New Mexico doesn't require annual reports so you can just buy a few NM LLCs to keep on the shelf at no yearly cost and they never expire. What's your opinion about that?
New Mexico is good option. The only drawback is the charging order protections is not as strong as Wyoming. Wyoming has made the charging order the exclusive remedy for creditors so I find this more attractive. With that being said, if you wanted to set up a NM LLC to be the trustee of a land trust the no annual fee is a bonus.
Good info sir. Maybe I missed it but my question is can any llc buy property? Or does it have to be a real estate llc business ? I'm in Maryland and my wife and I are starting a cleaning business llc. Thank you in advance
Yes an LLC can buy real estate. An issue you face could be purchasing property if you are using financing. With Freddie/Fannie loans you can not purchase in a LLC. Cash purchases or portfolio loans are ok when purchasing in a LLC.
Do you have any vids on which type of business property to buy? Storefront? Residential zoned business and converted to business inside? Building with business downstairs and live upstairs? I dont want to lease a commercial space storefront and pay $2k a month for something I'll never own
Sorry I do not
Question: We have a business LLC that is a home based marketing and staffing company. We need to purchase a home for US to actually reside in and run our business out of. Could we use our current LLC to purchase our next home? Thank you! Good informative video. Thank you!
No you should set up a separate LLC for the house you are purchasing. Keep in mind, how you set up this LLC is important because you do not want to jeopardize your 121 exclusion with a future sale. Also if you are using financing you should wait until after the purchase to consider such a strategy.
Real Estate Asset Protection Thank you! You give excellent advice. Love your channel! Thanks again... Subscribed!👍
Once i set up my wyuming llc do i need to open my bank account in wyoming ,thanks for all the iformation you share
You need to open a bank account but it does not necessarily mean you must open a WY bank account. Consider Chase or BofA. When opening the account, if you are not in WY you will need to provide a local address to the bank e.g., if you live in Texas you will give the bank a Texas address.
@@ClintCoons thank you so much
For a partnership, does the LLC filed as a disregarded entity an efficient legal entity for a 2nd home / farm?
Yes this is typically how we set up a second residence. You bring up farm so this could be another avenue to explore if the property is leased.
Excellent video as usual. I have a WY holding LLC, and plan to create an operating subsidiary LLC in North Carolina. Which LLC should I close in for the NC property? -Thank you
The NC LLC
Hey Clint. I thought we can’t put a house into an out-of-state LLC. I want anonymity but how can that happen when buying a home in AZ? Would I have an AZ LLC own the property with a WY or DE LLC owning my AZ LLC?
The AZ LLC is owned by the WY LLC. The WY LLC give anonymity to the AZ LLC.
Love your content/ information. I am so so new to this and looking for assistance. I’m looking to purchase with no personal guarantee (PG). I have an LLC that has been established with great BD scores and funding. But it also has my name all over it (VA). Can I purchase a rental apartment or home with my current LLC and switch it to a Wyoming LLC down the road? My personal credit isn’t where it needs to be. Is that even an option? After hearing you say don’t do things backwards. I also have a hard money option but they need the LLC to be established for more than 3 years.
Yes you can switch to a WY LLC later.
How do I find private sellers I mean I heard of people calling around but who how would I even start that process
So it is allowed to set up an LLC solely for the reason to purchase real estate? Does that particular LLC have to be profitable for the lender to borrow the money?
The LLC is not typically purchasing encumbered real estate. If you can get a lender to loan to an LLC then whether you have a signed lease agreement may or may not be important for the loan.
Question. If I already own a property had a private lender, mortgage paid off but have LOC. As well as second house with a small mortgage and LOC
Can I open an LLC and put both houses in the same LLC?
Yes but I prefer to keep the properties separate in different LLCs for added protection.
When just starting an LLC and buying real estate all cash, do you have to write out a check to your LLC and have your LLC in turn pay the seller...or can the owner do that directly on behalf of the LLC?
It would be best to have the LLC pay but it can be done either way.
If I am buying my first property and intend to live in it as well as rent out other rooms, should I still get up an LLC?
Yes. The strategy is referred to as house hacking. I am cutting a video on this next week.
@@ClintCoons what's the name of that video?
Question!! I would LOVE to get started investing into real estate and becoming a rental property landlord. I do not have money for a down payment though.. what do I do? Traditional financing through a Wells Fargo type of bank?
Look into an FHA loan for little to no money down. Keep your monthly expenses in mind though because usually the more money you put down, the cheaper your monthly. And on the flip side less money down, higher the monthly costs.
Save for a down payment, no one will give you funding with no money down. Anyone that says they will, its a scam.
Hey!! Just curious is all this done w/O running your personal credit? And what are the typical requirements lenders seek for loan approval w the LLC
This will depend on the lender and the type of property you are purchasing e.g., residential versus commercial. Most likely the lender will run your credit when you purchase with an LLC. Also when buying with an LLC most of the time it is an asset based loan so the lender is looking at the real estate and not the LLC itself unless the LLC has some other business it is conducting.
@@ClintCoons thank you! Greatly appreciate
Virginia allows you to use a company as your register agent vs listing yourself. Will that pose an issue with the title company if you list another company vs yourself? Do you know if showing the operating agreement would suffice as you suggestion with using a Wyoming LLC?
It shouldn't pose any issues. The RA does not have any control of your LLC. Yes if you show your operating agreement it should be sufficient.
So if paying cash, should I make the offer in my name or in the name of LLC? I think you only mentioned “close in llc”. If you can see this, that would be great. Thank you so much
Yes that would be the way to do it.
Check out those guns!
Thank you for this content. I am about to buy my first property in Vegas as rental property, making 20% down and take loan out from a local lender. So basically, form an LLC registered in NV then buy the home (close the loan) under the LLC. Did I get it correctly?
Correct.
If I set up an LLC to buy a property Where I’m planning to live how should I transfer money to the LLC bank account?What are the rules that apply to such cash purchases?Do money need to sit in LLC bank account for a certain time?Do you need to proof where this money came from?I know that whenever you deposit cash banks required to report such transactions to IRS.
You should take the down payment out of your LLC and let it sit in your personal checking account for 3 months to season the money. This means you do not want to go under contact for 3 months on a property to make sure the funds are seasoned. That being said, if you pull money out of the LLC you will need to explain it to your lender and jump through some more hoops to get the deal across the goal line. I have done it both ways and the seasoned funds approach is much smoother process.
So if the structure is DE LLC -> say FL LLC, the FL LLC should have the cash in its own banking account and the loan and eventual purchase would all be made by the FL LLC? When rent is paid to the FL LLC, should the cash be transferred from the FL LLC to the DE LLC bank account and then taken out by me? Banks often like seeing cash in the LLC account for two months - any way to get around that with having to create these new llc's all the time for new properties? Do you just make the offer from the DE LLC then?
If you make the offer from the DE LLC then you will need to close in the DE LLC unless you write up the offer with "and or designated entity". However because of the seasoned funds issue you may still be required to close in the DE LLC if that is where your closing funds are held. If you plan to purchase in FL then set up a few LLCs and fund each of them with the expected DP and make the offer in the name of the FL LLC.
So in what state would I pay taxes for the holding llc?
The state where you live.
Tips on buying commercial property for your small business??
Separate LLC and lease back to the business. Make sure to make a grouping election between the two entities for tax purposes.
Is it possible to use your life insurance for anonymous real estate investments? Or am I reaching too much?
I would not use the LI for anonymity but we do recommend using the cash value loan to increase your overall returns.
If I set up an LLC in Delaware but purchase property in another state, do I need to pay taxes in both States then ? The website for DE is saying they require an annual report and franchise tax each year $175 Or $300 in taxes yearly. Thank you
Correct, DE franchise tax is essentially their LLC annual renewal fee.
What if you're a Canadian or International Investor trying to purchase your first rental property under an LLC.
If you are Canadian you do not want to use an LLC - use a limited partnership
Hey Great video! Can I buy a property with an LLC that doesn’t have a long paper trail?
Yes, absolutely. The "paper trail" does not have any impact on your ability to hold real estate.
hi what is are some benefits of using LLC or trust to acquire real estate? thank you
Check out this video: th-cam.com/video/ed8gbOKY_VY/w-d-xo.html
I'm a little lost and maybe someone can help me. I want to purchase a 2 family house with a conventional loan for the purpose of having it as an investment property n gimme rental income. I am not gonna use an investment property type loan to acquire it tho cuz that will make things more costly. I think it's smart to separate myself personally for protection so I was thinking of setting up a Nevada LLC. The house I would buy will be in NJ. So what i want to know is how should I go about beginning the process from pre approval to closing. Should I and or can I for best protection make LLC first and use then LLC from start to finish? Or under my name do the the whole process of acquiring the home THEN if it possible or legal put the house under ownership in the LLC? Please any input helps
Does your single owner LLC need its own bank account, or can you pay with your personal account?
It is always a good idea for the SMLLC to have its own bank account. Yes he member can pay the mortgage from a different account.
I have a llc and I’m trying to buy a house with my personal income . Can I use my company income to help to qualify as first time home buyer??
Thanks Clint great info , ill be intouch soon .
I have a revocable family trust in CA. Should the LLC be owned by the family trust?
Yes. The purpose of the living trust is to avoid probate upon your passing or to allow your trustee to control your assets if you are incapacitated. If Your LLC is not owned by your living trust then you will lose these benefits.
I have two properties now in my name with hard money lender, looking to refi with community bank in 2 months on both. How should I proceed with Arizona LLC and the Wyoming anonymous LLC? Which should be set up first and how do I tell the refi community bank that I need the loans to be in these LLC, and not my personal name? Thank you!
See if the community bank will refi the properties if held in a LLC. To create the structure you must first set up the WY LLC before you create the AZ LLC if you want anonymity.
@@ClintCoons Then go to the bank and ask to be held in AZ or WY LLC? Thanks for the tips!
@@thangvo2118 AZ LLC will hold the real estate
Hey There, im an international property investor looking to purchase real estate in the USA. as an overseas investor would this asset protection strategy still be viable or what would be the best structuring for a foreigner to use? Cheers
Yes it is and most can use the strategies I describe. Canadians are a different issue and must look to limited partnership rather than LLCs.
Hi Clint. I'm in process of doing a 1031 exchange and am also in process to apply with a bank for a commerical multifamily which I've identified. Should I start establishing an LLC before being approved? Or should I use my existing LLC that is disregarded and own 100% by my Wyoming Holding Company that will file as a Partnership in which I'm 50% owner in? BTW, My fiancee and I already have a property inside the Disregarded LLC.
This question is too technical to be answered in this forum. Your CPA or exchange facilitator should be able to provide guidance.
Could gifting RE qualify for this? 🎁
.. this is something I need to do
What’s a Freddie/Fannie loan? Is it a mortgage bank loan for example a property is $500k and you put $100k down and get a $400k mortgage loan which you pay off in monthly payments and pay back in years?
To answer your question in it’s simplest form, yes. A Fannie/Freddie Mortgage means that the loan meets certain requirements and therefore Freddie Mac & Fannie Mae back the loan in the event that you default. So they are organizations that back the loans your Chase’s, Wells Fargo’s, Bank of America’s, Regional Bank’s, Community Bank’s, etc.. of the world so these banks can lend to us borrowers.
Hope this helped if you haven’t already done the research.
Damian Smikle So they are the insurers?
Thanks for the knowledge. Much appreciated.
Glad it was helpful!
When you deed the property over to your LLC the loan will still be on your credit report? Can you move the loan to be under the LLC, and not under your credit report?
You could possibly move the loan but I have not seen it done with residential. The loan will continue to show up on your credit because you are a guarantor.
And there could be a due on sale
What about a va loan?
You will need to close in your own name with a VA loan.
If I purchase land with cash with a LLC but need a construction loan - and the lender will not lend to the LLC - is there a problem / work around.
Pull the property out to get the construction loan then move it back in or work with a community lender would be my recommendations.
Question: why a Delaware or Wyoming LLC? Was that hypothetical?
Yes.
Clint I have several LLCs (thru Anderson) owned by my Wyoming LLC and use the LLCs for commercial property. Question: I live in California, can I use one of my California LLCs to own several out of state DST (Delaware Statutory Trust) properties? Do I have to own an LLC in the state where the DST is located??? Thanks
No you do not. Thanks for being a client.
@@ClintCoons So, My California LLC that holds a property in California can be used also to hold another property in Texas? Do I have to Foreign file into Texas? If so, will that affect my property in California that’s already inside that California LLC box??? Thanks Sir…
@@BW-kv9wj I would set up a new LLC in TX rather than foreign file your CA in TX. You might also consider using a WST (same as DST) to hold your TX property.
@@ClintCoons What’s a WST? My DST is actually the property itself. I’m trying to avoid getting LLCs out of state because I’m selling a property and going to Diversify into about 5 DST properties in 5 different states. I don’t want to buy 5 LLCs. I’d rather just have my California LLC hold them if I can???
@@BW-kv9wj Makes sense. A WST is a Wyoming Statutory Trust. Like the DST is it no subject to CA franchise tax.
Good day sir, I’m a low income earner who’s struggling to make ends meet. I used to have an Airbnb business in the same property I live with my family. But l have had issues with that. Now trying to get separate property for the business, what advice can you give regarding that since all financial institutions are requesting 20% down payment as against the 5 to 10 , and about the name to use to buy the property? Thanks
Look for a non qualifying mortgage that will lend up to 90% LTV and 100% rehab if you need it. I just interviewed Rainstar Capital Group yesterday and the video will be up in a few weeks discussing these mortgage options.
I live in California but I would like to inquire a home Nevada? How would I go by doing it ?
If it is a rental then consider a NV LLC.
So I would close with the va loan in my name and then deed the title over to my LLC?
Yes that is how it is typically done unless you are working with a portfolio lender who is willing to close in an LLC.
Ashley, are you there? May I ask you one, intricate question?
Hi, I want to open up a in home daycare. Can I start a LLC and purchase a home through my LLC? Can I do a write off on the mortgage every month
You should open up an LLC for the business and a separate one for the real estate. Only the mortgage interest is deductible. You can deduct the rent your daycare LLC pays the real estate LLC but its a wash because you will pick it up on the income side.
Why is it wise to have several LLSs?
To keep your properties safe from the liabilities associated with the individual properties.
What will happen with my credit when I transfer my property into my LLC?
Nothing. Everything reports to you.
Should I make an Llc first before buying a property ? O
Here is link to a video on the topic: th-cam.com/video/P7BSvC3JZ9I/w-d-xo.html
If i form an llc in Wisconsin with my name on it, and purchase a property then transfer the llc to a umbrella from Wyoming without my info on it, is there any downside? Would i still have liability for that property?
The WY LLC would need to be registered in WI if it is renting the property so this would blow your anonymity. Better if you set up a WY LLC as the member manager of a WI LLC and hold the property in the WI LLC.
Hi! If I purchase a property using an FHA loan or US loan, will I be able to move that over to my LLC? Is the lender subject to make me pay the loan in full if I do this?
If you are using FHA loan and asserting the property is your personal residence then you must wait 1 year before moving it into an LLC.
@@ClintCoons thank you!!
Doesnt the wyoming llc only work in wyoming? The protections provided wouldnt transfer to another state would it? Or set up a llc in the state you want to buy with the wyoming llc?
Correct you are not going to register the WY LLC in another state. If your LLC is conducting business in another state then the other state's law will apply to the WY LLC.
@@ClintCoons I’m in Florida and plan to purchase a Wyoming LLC for acquiring property in Florida since I’m familiar with the laws here. Would lenders be hesitant to lend to me if the LLC is a fairly new one or should I save up to purchase one with an older incorporation date?
@@mmassey825 Mike I would avoid spending any money on an entity with an old incorporation date. This can cause problems because who knows what you are getting e.g., unpaid taxes, judgments, claims, etc. Also, there are better ways to buy in Florida using a land trust. I suggest you contact my office for a strategy session to discuss your options. FREE 30-minute consultation aba.link/30minSession
BOA said I could not buy a home in my LLC name and said I had to have 2 years worth of business taxes to use the income as part of my application is this true?
Yes and no. Generally - BofA will not allow you to purchase in an LLC because it is a residential mortgage and Fannie guidelines do not allow for this. The 2 years of income is a requirement since 2019 and it does not matter if it is an LLC holding real estate or in your personal name.
I live in Sweden, is it possible to register an LLC in another country (Europe?) and buy property with cash in the name of the LLC.
Probably not. I am not aware of this working. You will most likely need to set up an entity in the country where you are purchasing the real estate.
@@ClintCoons Ok, that sucks. There is a problem with privacy in Sweden, all information gets listed online and is also available only a phone call away.
Hi i am a Realtor I want to start real estate investing under a LLC, do have to tell that info to my broker, and do i need to do my LLC in WY as my base, and have other LLC set up in different states.
You will need to discuss any disclosures with your broker.
if i purchase a condo/cars under my llc am i able to write off the mortgage/auto loan?
for business use of course
No but you can depreciate the vehicle and or section 179 the entire amount depending on the equipment.
I want to purchase land to build a sub-division of rental properties, can I purchase the land and building materials, etc under my LLC (already formed in FL)? If so, what type of loan should I look for and will this be residential or commercial? Thanks.
Mot likely commercial and you should be able to set it up under your LLC.
@@ClintCoons Awesome! Thank you.
I own my personal home on my name ,but I have a trucking business can I buy another home with my Llc thank you and I hope I get this clear
Yes you can set up another LLC to hold the investment property. You would not want to hold the property in the same LLC where you run your trucking business.