Now it’s time for the business of business. Even if you plan to pursue real estate investing part-time, if you are going to own assets or receive income, you will want to create a business entity, possibly two. Don’t rely solely on our suggestions here. Speak with your financial advisor or tax preparation professional if you have one, and consult with a real estate attorney. These two individuals will become a part of your core REI team. In fact you’ll take a quick course on that team in this stage. The REI Team course covers who the positions you should include, how to find and vet them, and how this might impact your bottom line.
We will also set up our basic business structure at this stage (if you haven’t done so already). And lastly (for this stage), it takes money to do real estate deals. Over our time together, we will talk about several ways to fund real estate deals, but let’s kick things off with a course on how to raise private money. When you bring together a consistent source of deals and funding and a good contractor, your business will flourish.
Recommended Courses for this Stage
Roger is joined by Dave DuBeau who has organized the raising of private money into a step-by-step process. As you participate, you’ll also learn how to get a seat at Dave’s next live event.
You can’t do this by yourself. But that doesn’t mean you have to hire people. Your team will consist of advisors, professionals from other fields, and individuals you recruit on a “pay for performance” basis. This quick course identifies all the players and provides guidance for selecting them.
Never own an investment property in your own name. Use recognized entities to hold title to your properties, protect your assets, and build your estate. Set it up correctly to begin so you won’t have to spend more money to “fix” the structure later.
Income properties are the engine that powers financial freedom. This course covers the ins and outs of finding, fixing, leasing, and managing properties. Know your numbers and learn the procedures. Of special importance is the section on dealing with tenants. These lessons will save you time and money, lower your stress, and increase your confidence.