OfflineMy business partner and I live in Canada and we want to start our own real estate investing company. We want to focus on wholesale in the United States of America. However, we are literally penniless and cannot afford to pay registration fees for an LLC and a C-Corp.
We hear a lot about people who started with only $18 in their pocket. They reside in the USA. We would like to know if you were in that situation and living in Canada.
How did you start your business in real estate? Did you have to open an LLC/C-Corp to start investing in the US from the very start?
We just want to have some information from someone who had a similar experience in order to know what to expect. We want to get an idea of all the procedures before going to a lawyer to ask all of our questions so that we won’t end up with a huge bill.
Starting in real estate investing in the USA while living in Canada
Posted on: Thu, 05/23/2013 - 00:21
Starting in real estate investing in the USA while living in Canada
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Here is an important consideration. LLCs are not NEEDED. The key word is needed. Many who start investing in real estate feel they need a business structure to run real estate business. No. LLCs, corporations and the likes are used for tax liability purposes and liability protection primarily.
Many investors did their own investing without a business entity at all. I am one of them. You can get an entity after doing a transaction. I do suggest getting a business entity as quickly as possible.
Bird dogging and assignments of contract do not have a lot of liability so often there is not a large need to protect yourself for the first one or two transactions.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125