Beginning Steps
Very soon I will be getting involved in wholesaling. I just want to make sure that I have covered the fundamental steps. So far this is what I am/will be doing.
1. Register LLC
2. Setup website (easy for me since I do web design/marketing).
3. Get the basic sales/assignment contracts and take to my lawyer for any revisions.
4. Setup my business checking account
5. Setup home office (fax, phone lines, etc)
6. Purchase marketing materials (bandit signs, door hangers, business cards, flyers, post cards)
Then the rest is all about marketing and networking with different groups and build solid lists of investors, also continuing to read and learn more.
I also plan to build lists of HML, Mortgage companies, Realtors, Title Companies and any other usefull resources.
Sound ok?
[ Edited by GeXus on Date 10/20/2004 ]
Sounds like the same game plan I have... Right now I am organizing my team with a few friends that want to get in on this too. Once I know for sure who is in I am going to form a LLC and get started from there just like you layed out..
I might pick up the Scott Rister course and review that material while im still in the process of setting everything up..
Regards,
Wheresmy7x
Hi,
I just read this post and had a question. I am just getting started and am still trying to put it all together. Is it necessary to form a LLC before I get started in wholesaling OR can I do a few deals and then register my LLC later. I have very very little means to work with and need my first two or three deals to get half a start.
It is not absolutely necessary to form an LLC before you do any business. On top of that, it has been suggested that you should use an LLC for rental and hold properties, and an inc. for flips. As you have probably already seen, this website is a wealth of information. Checkout the post in the different forums, and odds are you will find most of the answers you are looking for.