OfflineA Question that has been bugging my mind is do you need any form of license to do realestate investing???what if you should start up a corp will you need a corp license then?? HELP ME UNDERSTAND THIS PLEASE SOME BODY ANY BODY!!!
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For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Natasha,
Take a deep breath.
No, you don't need a license to be a real estate investor. Real estate agents need licenses, but not investors. The easiest thing to do if you get into it beyond wholesaling is to set up an LLC, and that's nothing to lose sleep over.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
I did take a deep breath:)!! Thank you for that info because i hate to have a Question lingering in the back of my brain and not knowing the anwser to it. Much Blessing>>>>
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Not only don't you need a license to be a RE investor, but you don't even
need to start a LLC or S Corp at all. Avoid the expense of the corporation & filing a separate corp. tax return until you have some RE deals under your belt. After you have the process down & are comfortable doing deals, then branch out & form the corp. The reason most people form a corp. is for liability protection. If you're just starting out & have little to no money & credit, I'm sure you don't need the liability protection from a lawsuit.
Jill & I have been RE investing for 12 yrs, & have only had the S Corp. for about 6 yrs, & the reason for forming it was because we made about a
half million dollars that year & it was the CPA's recommendation.
Honestly, we bought only vacant lots in the corps name, but we buy all of our houses in our personal names because the insurance is cheaper. Besides
any loans or mortgages you try to obtain through the corp will still need a personal guarantee.
Thank you very much understand this totally now!! you Guys are such a blessing on here:)
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
You're welcome, Natasha! Keep the good questions coming (and keep breathing)!
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Good morning all;
I'm a newbie, trying to wrap my head around whether a REO can be wholesaled, and if so, do the banks accept and/or assigns contracts? Also, can I submit my offer to the bank without the assistance of a realtor?
Banks don't accept assignment contracts. You would have to buy the property
(using tras/private lender funding) & then close to your buyer. Some people have purchased REOs through their LLC & then sold the corp. to their buyer & the property is part of the assets. As for offering directly to the bank, it would have to be a small local bank where you could possibly deal directly with someone of authority, but the most cases after the banks get the properties back at county auction, they then list with RE brokers. If the properties don't get sold, then the are offered at auction, through a company like REDC (auction.com.)
Jill & I have purchased over a dozen REOs in all 3 ways; county auction you need all cash paid in full that day; RE brokers use a standard purchase contract with EMD then closing with a title company or lawyer; auction.com requires a 5% buyers premium (or $2500, which ever is greater down) or unless the property is $25,000 or less, they NOW require payment in full at time of the auction.
I am a newbie as well. I would like to wholesale and have read many post on DG about this topic. Do I need a LLC to this and how to I find an attorney to see if this is legal in Minnesota?
Any suggestions would be great!
Keep breathing! Great advice and highly recommended.
I have to ask: "I'M PREPARING FOR RAIN!!" What does this mean?
Angela
Hey AngelaK, I"m Preparing for rain" Is a faith quote as to say I'm preparing my self for what i know God is about to do in my life. Im walking in it, preparing my self for it, and not just talking about It, but moving in the direction of what you are praying for. The bible says faith without works is dead by it self. so if you are believing in faith for something don"t just stop there but put some works with it and move in the direction of that which you are believing for. Amen!! Thanks for asking.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
I just sgned up today and that mean that I am new in this terrain.
Listening to the video sent to me, I was motivated but don't have the money for the training materials.
Is there ABC format where I can start on my own?
Can any boby out there help me please?
House4real
To prepair for rain mean that you have ready at hand what it takes to gather the rain water eventually.
Many in the rural areas where there is no pipe borne water, expecially in Africa, wait for the rain like waiting for the bride to come.
While waiting, you get all vessels, containers, pots, and jars as much as possible.
That is preparing for the rain.
When it starts to fall, you bring out these containers and jars to collect the water form your roof top or the pit you had dug. For drinking, you boil and filter the water.
Now is time to prepair for the real estate boom, to learn the rudiments and intricaces of the business. When the window of opportunity is opened we have it takes to go through it. Opportunity knocks every time but many are not prepaired for it and it slips through their fingers.
Only those who sow during the planting season can reap during the harvest.
House4real
WOW!! Very well said.... thank you adding that. also were you able at all to get any of deans books" Especially " Profit from Real estate Right Now" That book no doubt would give you the ABC's to get started right now. if you look on this site he as a great deal going for two of his books( profit from real estate right now and Be a real estate Millionaire for $19.95 these books is a must have. And also Welcome to the family:)
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Thank you so much for this info.
House4real