How to start investing

Question

Well first off all I just attended the fortune builders 3 day seminar which was quite interesting and appealing. Unfortunately I do not have the funds to pay 25k for their mastery program but I was left with a lot of doubts on how to begin a business and start investing in real estate as far as protecting myself and my company form lawsuits and what would be any recommendations as far as beginning in this business any advice would be greatly appreciated thank you

Mark Brogan · Answer

read read and read some more then listen to all the podcasts if you have questions post them here

do not buy any courses

you can do it

good luck@Susana Santos

all above advice is the best ways to start@Robert Leonard Account Closed

Account Closed · Answer

Start the easy, cheap, and local way- find a Real Estate Investment Club in your area and go to the meetings. It won't take long to find out who is doing it. Take people out to lunch. The real winners will be happy to  go to lunch and help you out with local issues- where to buy, who the good guys are, who to avoid, etc.

Keep reading! Rich Dad Poor Dad, Cash Flow Quadrant, etc.

Best of Luck.

Mark

Robert Leonard · Answer

Hi @Susana Santos and welcome to BP!

I think the best way to start is to start reading.  My first book recommendation is always "The Millionaire Real Estate Investor" by Gary Keller.  I also recommend you listen to every BP podcast.  They are like short courses on different strategies and different philosophies from experienced investors.  Josh and Brandon do an excellent job digging into the details of how each guest started and how they do what they do.  It has great educational value IMO.  Just take notes and look up anything that isn't explained in enough detail to make it clear.

None of this is rocket science, but there is a lot to know to get it right.  If ever you are in Lafayette, give me a call.   Maybe we can grab lunch or a coffee and talk strategy.  Best of luck to you!

Robert

Susana Santos · Answer

Thank you everyone for taking the time to respond back to me. I'm extremely grateful I came to the right place. If anybody knows of any real estate investment clubs in the area of new orleans please let me know

Eric Odum · Answer

Podcasts, REIA, read...read...read....The REIA's are excellent for networking.  It is highly likely you will be able to find a partner...someone with experience who needs help bird dogging, maybe a little capital contribution, etc. ...you can learn from doing with them.

BP is the most complete investing site that I know of...you came to the right place.

Troy Bevans · Answer

@Susana Santos - Do your research and choose which area of real estate you would like to start a business in, as their are many to choose from.  What area do you enjoy the most, flipping, wholesaling, rentals, a combination, etc.?  Then, focus on the area(s) you chose and learn everything you can from BP and any other recommended area (BP is the best though, just my opinion).

Once your real estate focus has been chosen and you have gained the required knowledge to provide you with a sufficient amount of confidence, consider forming a Limited Liability Company to run all of your business transactions through.  Always consult with the appropriate individuals to ensure you have followed all of the necessary steps to become an organization within the state you choose.  If done correctly, this will provide a "level" of protection for your personal assets in case of litigation.

However, litigation is something you wanted to protect yourself from.  So, once again, when you have selected your area of business focus, make sure your paperwork for all transactions in your business are legal, accurate, documented, tracked, and up-to-date at all times.  Research different software products that can benefit your business, such as a financial tracking program and a customer relationship management program.  Some are cloud based, some are installed on your computer, some are expensive, some are reasonably priced, and some are free.

Below are two sites from Nolo to learn more about forming a business organization:

http://www.nolo.com/legal-encyclopedia/limited-liability-company

http://www.nolo.com/products/form-your-own-limited-liability-company-liab.html

Feel free to contact me if you feel I can assist you with any questions you may have!

How to start investing

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