Being A REI Professional Vs. A Dealer
I was listening to a Diane Kennedy book on CD, and she was talking about the benefits of being a REI Professional, and that I would want to avoid Dealer status. She recommended keeping track of my hours spent doing REI activities, which is what I've been doing. Can someone elaborate on this? Does all my REI activities count towards my 750 hours, not just classes, but like spending 3 hrs learning REI by checking message boards?
Thanks!
Ginnie[ Edited by godiva on Date 04/09/2004 ]
Yes, I believe it does, as well as time driving to & fro checking out properties or just learning new neighborhoods.
Kelly(WI)[ Edited by knucs on Date 04/11/2004 ]
Yes it does. I agree with the first reply.
I am both a professional/investor through my llc's where I hold my rental properties. I am also a dealer through my corporation which builds houses and develops subdivisions and develop condominiums and lofts. You can be both using the proper entities.
Thanks everyone. I'm keeping my journal and am in the process of opening my LLC. My ultimate goal is to have rentals, but I'm considering flipping a few deals to get the money in the bank before I go the rental route. Sometimes I feel like I'm doing a little of this, a little of that, and then trying to get the puzzle pieces to fit together. I may not need the journal if I flip, because that would make me a dealer? Sometimes I wish this was easier, but then I guess the payoff potential wouldn't be as good.
Thanks,
Ginnie