The 24 Week Challenge: Week 3 - Setting Up Your Business
So, we’re on week 3 of a 24-week challenge with Zack Childress. And we’re answering this question in these episodes: How do real estate investors build real wealth and freedom without access to millions of dollars in capital?
Our topic today is Setting Up Your Business. Welcome…
Some of you are new to real estate and some aren’t. Either way, you can benefit from this helpful info.
First, work on your credit regularly. Even decent credit scores can often be improved. As a borrower with bad credit, you will not get the best loan rates.
Wholesaling, lease options and other deal strategies don’t require much borrowing. But, to be able to take advantage of a wider spectrum of opportunities, you must have excellent credit.
Plus, you’ll need to build a strong professional team, your POWER TEAM. This isn’t your employees, but your buyers, a good closing attorney, a contractor, a property management company, a banker, etc.
I’ve gotten leads from ALL of these professions. They’re out there dealing with other investors and property owners. Often, they hear of potential deals I would never find out about.
And this is super important: The way you structure your business needs to protect you from personal legal liability and lower your taxes. Sometimes having 2 LLCs makes the most sense.
All that and more in this ep.