I need advice on getting started


#1

Hello All!

I was at MOM with my family this year and I want to get started in Lonnie deals and such. I have lofty goals of quitting my job this year but I'd be completely happy with an appreciable amount of progress towards that goal. Here's my situation and question for all of you.



I'm looking at having about 4K to spend on a Lonnie deal. 

My question is do I just buy one and flip it as an individual and pay the taxes or do I go ahead and setup a LLC and indebt it to a Land Trust(also needing to be setup) for the property?

What is the best thing for me to do and what do I need to do to set it up?

I’m about as green as they come, need all the help I can get and just LOVE laymans terms! :0)

Also, to quit my job I would need to net at least 3K a month. Does anyone have advice in this area as well? Thanks so much for any input(even criticism).


#2

do a few deals personally until you get your feet wet. if you like the business go ahead and spend the money to set up the land trust and LLC.


#3

Thanks for that tip.

I reckon I need to elaborate. My dad has been doing this in his own name for about two years. We own a small mobile home park and a couple of rentals.

I would like to get started on my own deals but prefer not to deal with the taxes and liabilities of conducting business in my own name. My dad and I have little knowledge on the structuring of LLC's indebted to Land Trusts as Steve was talking to us about.