Getting Your Business Started | Real Estate Investing
What is up everybody? Welcome back to the science of flipping podcast. I’m your host, Justin Colby. And it’s always our number one main sponsor minutepages.com brings you the real estate investor, the best high quality website in the game. Not only that, they guarantee 10x the amount of leads any other website can give you. So if you are looking for leads, then you need to make sure you have a minute pages website minutepages.com.
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What is up guys, welcome back to this training. This training is going to be how to set up your wholesaling business properly. Now, the first thing is most people get caught up in the naming of their entity. It doesn’t matter. Don’t overthink this. The reality is all the big names that you’re aware of Zillow, Open Door, Offer pad, Blackstone, Progress Homes, none of them really mean anything. So for us small guys, including myself, find something might be a little cool to you just knowing the name. But make sure you don’t overthink this. Now the structure of this would be as there’s an entity doing the deals. So if for marketing purposes, you wanted to name your entity, something like National Homebuyers or National Home Buyers Pro, then you can do that. But don’t overthink the name. If you just want to name it something random, like some initials, that is totally fine to. At the end of the day, it’s meaningless, and you just need to get it set up and moving forward. Now where do you go to set up your entities? Well, first of all, you should probably go to primecorporateservices.com/tsof, because you’re one of my students, they know you’re going to be scheduling a call with them. This is who I use to set up my entities. In fact, I just called them last week to set up another Florida entity now that I live in Florida, and it took them all of 15 to 20 minutes. Now I do take a little priority based around my relationship with them. But it’s very easy very fast. In fact, they won’t upcharge you. They’ll just charge you what the normal state and city fees are. Now prime Corporate Services has a lot of great services a part of their company, such as tax structuring. Now I’m talking about tax structuring. Let me tell you a little bit about how I’ve set up my entities and how I encourage you guys to set up yours. I’m not a licensed accountant. So make sure you follow up with your accountant to make sure it’s the best scenario for you. My accountant has suggested I have an LLC that is owned and managed by an S corp. The S corporation is owned and managed by me yours truly, that is how my wholesaling and flipping structure is that is for the active income. Now again, check with your accountant. But if you go work with primecorporateservices.com/tsof and book a call with them, you can talk to them about exactly how you want your structure to be set up. Now, they also could help you advise on tax structuring and entity setup. So just make sure you ask the proper questions. For those that are in let’s just say Arizona and California, you can go to the corporation commission, Secretary of State those are two that I’m well aware of. Or like I said, use prime corporate services as I do, and make it easy on yourself. Now the reason why my accountant suggests the setup the way he has, is because it’s all about taxes. It’s all about helping me save taxes on the income I’m generating as a wholesaler. And as a fixin flipper that is what I call active income. So I’m trying to save as much taxes as possible. And based around my setup, I save roughly anywhere from 10 to 14%, based around the LLC owned and managed by the S Corp. Again, talk to prime Corporate Services or your accountant on what they suggest.
Now the last piece of this is setting up kind of your entity right getting credibility, influence and authority in your marketplace, which would be a website. I do believe this is paramount as all things are online now. So if you’re talking to a homeowner or realtor, a lender, a contractor, you need to make sure you have a website. The best place to find the most professional well done websites out there period is minutepages.com. If you go to minutepages.com you can get the most professional well done website there is possible. They also have some really cool options to be able to build 10x your leads meaning if someone even goes by your website, it’ll capture some of their information. for you to contact them. So again, make sure you have credibility in the marketplace. Make sure you can build brand authority by having a website go to minutepages.com to get your website.
Alright, that’s it that is setting up your business. You need to make sure you have a company, you need to make sure that you are set up properly based on your tax situation and you meet you need to make sure that you have an online presence now is go time. Now we need to start trying to find leads and maximize those leads. So you can start collecting checks. I’ll see you guys on the next training. Peace.
