Goals for the 3/27/06 - 4/2/06 Updated
1. Finish forming a better strategy for bringing in deals that go with my purchase strategy.
- Finished what I believe to be a rough workup for bring in many deals that maybe worth investing in.
2. Finish working up a communications plan with my partner.
- I believe that this is an on going thing, but for the time being I believe that things are going good in this department. I believe that the RDPD get together in Arizona helped spark the fire which started our communications going.
3. Finish reading The Millionaire Real Estate Investor.
- Almost done, it is a bigger book than you might think it is. I would highly recommend reading it to anyone who is interested in real estate. It is packed with useful information.
4. Write down our goals for our real estate investments (what we start purchasing at, when we decide to move up to the next level, etc)
- Have a rough work up of this, and when I finalize it I will post it on this blog
5. Start implementing that strategy for bringing in potential deals.
- I have started implementing my strategy, and have had very good success with it so far. I plan on bring a lot more people on board when it comes to this so that I and my partner do not have to look for deals any more.
6. Start a Cash Flow game in Rochester.
- Working on this at the time. Started getting the word out to all the students, and am now thinking of ways to come up with more Cash Flow 101 games. If you have any ideas please share.
posted by Brenton White @ 3:53 PM
2 Comments:
Why did you form a LLC?My wife and I are interested in real estate investing. What are the pros and cons of an LLC. Don't you have to pay taxes?
Hello, thanks for your question. Why did we form an LLC. Well we formed it so that we could have asset protection, and tax write offs. In hind sight, we probably would have waited until we actually had a property to put into the LLC. And yes we have to pay taxes, which we planned on being off set by the income from an investment property. But since we haven't purchased one yet we had to pay it out of pocket. As far as cons go for an LLC, other than the time it takes to set one up, and make it legal I would say that there are no major cons. But I am not an attorney, so I would check with one before you decide to form your own, if that is the bath you choose. Again thanks for posting. I hope that I helped you out. If you have any other questions please don't be afraid to ask.
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