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Updated over 8 years ago on . Most recent reply
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Introduction and some questions
I am new to Bigger Pockets. I have been listening to the podcast whenever I'm driving and find it extremely helpful.
I am small business owner in the service industry with 5-6 employees. Slowly getting burned and ready to move onto something else.
Even though the business itself does not take up too much of my time as I am a huge fan of creating systems, it is quite stressful due to employee turnover and the never-ending race to have quality employees to service our customers.
The way I see it I can keep churning on and start investing in RE on the side and keep the business and its cash flow until I see some money coming in from REI, or sell the business for $150-200K and use that money for funding more deals.
I have read most Rich Dad Poor Dad books, The 4-hour workweek, The E-Myth Revisited and have listened to dozens of episodes of BP podcasts. I am a numbers guy and enjoy building spreadsheets on my businesses. Most people find that boring but I live on numbers and analyzing is one of my strongest thing.
I see myself gradually building a portfolio of rental homes and multifamily down the road and doing some flips and wholesaling to generate some extra revenue.
I would say that I have a good understanding of the process and I enjoy listening to podcasts to learn even more. I have been doing all this quietly without any networking, at my own pace.
I do have a few questions:
1) If I sell my business and pocket the money then I have to pay taxes on it. Is it possible to instead reinvest that money into this new business of Real Estate Investment without having to pay taxes?
2) Is there a section of the site where I can find sample contracts for
- putting a house under contract with an assign clause
- contract for a seller financing purchase
3) I'd like to see opinions on selling business first and start full time or start on the side and sell after. :)
Thank you!