OfflineHello all. Am new to this forum and have read everything that's posted and I appreciate all the information this forum have provided. I am waiting on DG book to arrive but I do need some clarity on a few things.
I am in the same situation as a few others, I currently do not have a job, have no money and poor credit. But am seeking to change my circumstances, which is why I am interested in real estate.
Here are my plans which I am seeking any advice or guidance on.
(1) I want to start by assigning properties but the question I have is: When contacting investors do I ask how much they pay as a finder's fee or do I just say that am an investor to and have several properties that I would like to get off my hand etc... I believe I read a response from Sully saying something like this. Which is better approach when contacting investors?
(2) While assigning properties I also want a stablish a company and start building credit so I can obtain a loan to purchase property under that company's name. I do live in Florida in Palm Beach County. LLC's are
not expensive to set up here, but, as I was reading I see some people suggesting land trusts and having a LLC as a beneficiary. Others are suggesting S-corps because they offer better tax benefits. Am confused! For a newbee like myself. Aftering assigning several
properties I want to get into buying of my own and renting them out and then get into the flip and rehap stuff once the market turns around. But I do want to start off on the right foot first and it right once. So which type of entity would be better if my ultimate goal is to get into buying and renting some properties and flipping and selling others?
Just to note I have read where LLC's are better for renting properties and C-corps are better for flipping and rehabbing properties. Any thoughts on this?
(3) Once I establish the company are there any other suggestions how I can establish credit for the company. Is there like a website that I can obtain credit cards or is it better to start off with in-store cards?
LSM
P.S. Sorry for the longwinded post.
How goes it ISM .I am in no way a pro or seasoned investor, but i've got one property under my belt and seeing how noone has answered this post just yet i figured i would try and give at least what little info i know.I listen to a financial advisor named Ray Lucia daily on an am station,he is a financial planner and also investor himself,who's show is setup almost like a verbal representation of this site.People call in with all kinds of questions and he and his team respond live on,and off the air.The website is 877planner.com.On the site you can find the call in number or just post your question on the site.His team on the air also consists of a lawyer and other individuals who have been in the game for decades just as he has.They answer everything from questions like yours to 401k,stock,ira,inheritance,lawsuits,proper bussiness structure,basically you name it, and if they dont know they will figure it out and get back to you with a no fluff honest answer.They broadcast out of greenwich ct on 1490am 12:30pm to 3:00pm if you cant locate the show than the website is definately the next best or as good bet.Good luck hope this helps.Clovis M........ps they also have show archived so you can listen to past shows,and you may want to try out legalzoom.com