OfflineHello DG Family,
Do you thinks it's a good idea to start a company before you start wholesaling? Or, wait until you are doing multiple deals a month.
Take it from a prospective of a beginner just starting out and not having one deal under their belt yet.
Thanks for all the comments in advance.
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Don't sweat the small stuff. Concentrate on doing your first deal. If you get distracted by little stuff that has no bearing on getting your first deal, nothing will ever be right. It's better to act on an inferior plan than to fail to take action waiting for the perfect plan.
The option is yours but just like the person above keeping it simple is vital for progress..... and each individual case is different ....
For me creating an LLC made sense since I was licensed as a realtor in my home state and the benefits that come from doing so.....
Do you thinks it's a good idea to start a company before you start wholesaling? Or, wait until you are doing multiple deals a month.
Take it from a prospective of a beginner just starting out and not having one deal under their belt yet.
Thanks for all the comments in advance.
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
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Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
just put out bandits for motivated sellers and ca$h buyers and get started !!!!!
take amssive action read DEANS "30 DAYS TO REAL ESTATE CASH BOOK"
you may want to fill out some info on your profile so that other investors here know a little about you, where you're from, etc...
It depends... setting up an LLC will cost you money; so, do you want to pay for setting up your business out of your pocket, or would you rather pay for it from the profits of your deals? Setting up a business initially may help you see your rei as a business, and not as a mere hobby; also, it may help you be more accountable and keep you motivated... just don't let the setting up the business keep you from taking real action to get a deal done.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I concur with all my fellow dg'ers above, if you can than great, you have the $. If not then I would prob just get your first deal or two & with those profits you can get your LLC. It costs $ to get one, in Ca it's about $600-700 to set it up & $800 a yr even if you dont turn a profit fr what I understand.
so you can just get deals first if that is a problem, just make offers in your name, that might actually even help yoiu at first since you will be seen as an individual & not just some investment co. trying to get a deal.
If i had to do it all over again I would not get an LLC first I would have gotten some deals because I did suffer when i got the LLC paying the $ & worrying about taxes & the other compliance & filings you have to do in Ca. other States are a lot easier thought too so dont know where you are but maybe's its easier where you are.
Tony
Go faster do more! GFDM!