Home » Investing Groups » Massachusetts

New to the group

June 21st, 2012 | posted by bridgestockm

Hi everyone,

I just had a couple of questions. I was wondering if anyone knows if you need to be registered to start your business? Also can you do any deals without being registered? I am very new to this all and im learning everyday but there are still a lot of things i dont quite understand. I appreciate any help i can get.

Thank you,
Michael

On 2:57am, June 28th, 2012 eabellana said:

New to the Group

eabellana's picture

Hi Michael,

I just joined the group and I am new to this business too. I don't believe that you have to be registered to do any assignments or flippings. There may be some taxable income though on the profits.

Do we have any contacts around here in MA like a support/networking group that helps us locate buyers?

thanks

Beth

On 18:07pm, July 8th, 2012 franco02130 said:

For the new groupie!

franco02130's picture

Hi. I understand that a few RE agents and Bankers may tell you that you need a license to assign property, however, You don't, One member writes that you are wholesaling in which case you donot need a license because you tied up the property to resell for your profit.

No Agent Does This. They Can't.
And yet another wrote that Nobody can tell you 'JACK' if you went out and spent 2-300 bucks for a real estate license. I don't like double talk just because someone is in the business. This site can help you SET IT RIGHT.

One more is what's called a Double Closing.

Hope this helps even though it was someone elses comments.

This site is wonderful..SEARCH AROUND.

On 18:13pm, July 8th, 2012 femailceo said:

No

femailceo's picture

You don't have to be registered. You can buy and sell houses as a private citizen. However, if you do many deals, or you call yourself anything other than your given name then you should be registered as a DBA doing business as, or have some type of co entity, such as an LLC. Welcome!

On 17:25pm, July 15th, 2012 franco02130 said:

Corporation.

franco02130's picture

Hi. That is good to know.

It is a lot better put (short) and is in my opinion correct.
I wound up looking through alot of what I written down from over the years and its all here ..you are right.

Safer to form a corp. to protect your assets also.
Try these authors: Dolph DeRoos or this book in particular 'Asset Protection 101' Donald J. trump and a co author.

Thanks, you peek my interests with that july 8th response.
To femailceo.
Peace.

On 2:35am, July 18th, 2012 bridgestockm said:

Thank you all

I truly appreciate all the support you all have given. My wife and i have been working on learning all we can to get our first deal done. This journey has not been the easiest but we weren't expecting it to be. I just had one more question, does anyone know if it is more beneficial to have an LLC or a trust? I have attended a couple REI clubs and at both of them i was told a trust is safer. Does anyone know if that is true? Thank you all again for everything this site is a true blessing.