Stepping Out On My Own!
I'm trying to get an idea of ALL possible upfront cost to start a real estate company. Any thoughts?
I'm trying to get an idea of ALL possible upfront cost to start a real estate company. Any thoughts?
What type of real estate company?
Thanks for responding!!
Let me give you a little bit more to go on. I am a Broker in a rural area that has finally hit the real estate BOOM!! For the first time ever we have a seller's market.
Although I am with a company now and have almost little to no stress and lots of perks...there are things that I can not change being an agent.
A local investor has come to me and offered to "be my checkbook". He wants to give me what I need to start my own real estate company. He is also a general contractor and I will have full use of his license to build spec houses, once again with his checkbook. This is my ultimate dream, as I have been considering getting my GC for sometime, but financially now is not a good time. So, he has asked me to come back to him with a proposal. Being on the agent side of the desk I do not know all of the cost involved in starting and running a real estate company. I have thought of things like E & O insurance, local association fees, receptionist salary, advertising, office furniture. And even attorney fees to develop a Corp. (although I do not know at what cost to estimate).
The two best things to do in your case is to talk to people who have done what you want to do and study up. Take those around you that have started broker companies out to lunch and ask them your questions and where they would do things different, etc. You also want to talk to a CPA and a lawyer on your needs. I realize this may not be the detail you need but going through the journey of finding out this data may make you realize much more than just being told the right answers.
GL
An investor wants you (who are a RE broker) to use his money to start building spec homes (which you have never done before) ??? What am I missing here ?