All Forum Posts by: Jake Gaines

@Naseer Khan AWESOME!!! That is great news to hear! With that said, going forward, should I create an LLC for future endeavors such as buy and holds, fix and flips, etc.?

This has all been helpful information. I appreciate you guys so much. @Sean Cole I'm just starting out and I was advised to establish business credit for future endeavors. (i.e Advertising, Marketing, employees, office space, etc). I may not necessarily use it but I was told its good to have.

@Naseer Khan I want to start out wholesaling to raise some business capital. I say maybe about 3 to 4 deals under my belt. From there I want to do rehabs and buy and holds. I will still do wholesaling but I want to get to a point where it is not my primary source of RE income but rather another income stream.

Hello, REI'S! Hope everyone had a great holiday!! Enjoyed some good food and fireworks displays! I have a question for the community: When I first decided I was going to get into REI back in January of this year, I setup my company as an S-Corp after speaking with a lawyer. He suggested LLC or S Corp and asked me some questions regarding how I would be running my business. Based on my answers he ultimately suggested that an S Corp would be best for me as far as tax purposes. So today I contacted a company because I wanted them to help me establish business credit. Once I told them my company was designated as an S Corp the representative told me I should have setup an LLC for what I am trying to do. Much to my chagrin as I've already established bank accounts, business cc's and other accounts under this name. Then he proceeded to tell that I should dissolve my company and instead setup an LLC. This had me bummed because I feel like I have to start all over. I just requested a DUNS and everything. Be honest, am I totally screwed?

@Andrew Michael That actually makes a lot of sense! I appreciate it!

@Paul Timmins That is some awesome information! Reading some of these articles as we speak! Thanks for the suggestions!

More great advice! Thanks @Keith Rorer!

@Taron Jackson Awesome, advice, man! That helps a lot! Appreciate it! 

Hello, fellow REI's of Nashville. I am a new investor looking to start out in wholesaling and I'm just looking for some direction. I want to know what are some of you local buyers looking for in a potential deal? Specifically what you are looking for as far as specific area, acquisition price, rehab budget, desired rate of return, tolerance for risk, etc? Any info you can provide on this matter will be helpful. Thanks!

Hey, guys! Again, I am new to REI so if I'm out of line on this please correct me. I want to start out wholesaling. However, I want to build a significant buyer's list so when I come across a deal, i'm waiting until the last minute to find one. Are there any buyers on BP available that I can network with that are willing to allow me to add them to my list?.....or.......Can anyone steer me in the right direction on how to build a buyer's list?.......or.......If I am completely going about this the wrong way please let me know! Thanks and as always you guys rock!!