Waiting to start my LLC

[James Uglesich]

Hello all,

My name is James Uglesich from the Portland Oregon area and I am just getting started in real estate investing. I am starting in wholesaling so that I can build my capital so that I can start purchasing my own investment properties. I have not set up my wholesaling LLC yet. I dont quite have enough money to pay to register an LLC at this time. My question to all of you is if I throw some deals together with investors prior to having an LLC to gain some money to put my LLC together am I opening myself up to big liability personally? Thank you all in advance for advise. I have been reading this site for a while and have been learning alot, lots of great advise.

***On a second note any wholesalers in the Portland, OR area I would like to network with you and build some professional relationships and possibly learn from some great investors. Even not in the Portland area I would like to network with other investors who are interested so that I can learn things from respected and professional investors across the country.

Thank you all,

James Uglesich

[Ryan Webber]

I think its extremely important to be very practical when first starting out, especially if you have limited funds to invest.

An entity protects your personal assets from your business liabilities, so the first thing to consider is this:

Do you have significant personal assets to protect?

You can't get blood out of a turnip, and any attorney worth their weight in dirt knows that. They don't chase empty pockets. If you have nothing to protect, why waste money protecting it?

I would suggest focusing all of your effort, energy, and money on making some money first. Then worry about protecting it. Your initial energy, motivation, and money is so crucial and fragile in the beginning that you need to assess how you spend them with a fierceness. Your absolute primary focus (over 80%) of the resources you have should be spent on finding a smoking deal to wholesale.

Anything else is the perfect strategy to do NOTHING in the wholesaling business.