All Forum Posts by: Mat Lewczenko

This thread was really great and a question that everyone needs to ask themselves.

I just reached out to my local reia and got some great referrals, will be meeting with them after the holidays.

J, that's what I was afraid of, the issues of moving things around. As always, it's always cheapest to do it right the first time.

I can absolutely relate. It's easy to get sucked into non-revenue generatin activities i.e. tweak your website, read up on blogs, and go to a seminar, which can all be very productive - but if it gets in the way of making calls, drivin for dollars, putting out signs then it can easily become a time-suck.

We have a saying about our time blocked activities, the 20% activites (the stuff that you don't like doing) "If you have to erase then you must replace"

So if I have to take an appointment that cuts into my lead generation, I need to make sure I replace that lost lead gen time somewhere else.

Hardest part is being accountable to yourself. Or at least it's also my biggest challenge - or my best opportunity for improvement :)

I'm not sure that was the tone of that last post at all. I took it the other way, the Zig Ziglar Way - "You can have anything you want as long as you help enough other people get what they want."

I guess it's just perspective though. But I tend to fall under the abundance mindset.

I was just listening to the Go Giver Sells More audio book and they talked about making sure you are not a "Creditor" - I'll help you but now you owe me. "Good-ole-Boy" mentality.

I think that if you truly operate from a position of contribution, empowering those around you to be successful, you will never run out of business yourself.

But that's just my view on it. Prince - I get your point.

Thanks Charles,

I guess one of my biggest concerns is the ability to adjust our structure in the futue, as either a pass through entity or electing corp treatment when neccessary. Worried about making the wrong choice up front and being stuck with it.

How easy is it to do so (change on the fly) or do we just create a new entity all together?

This is a new area for me all together, so sorry for the 101 type questions.

We are currently operating as a sole proprietorship and are now ready to create an LLC.

What are some of my main concerns, what questions do I need to be asking our accountant, and should I be considering for the future.

I realize you may need to know our plan.
In a nutshell:

We would like to create some liability protection for our business as well as protect our profits within the tax code(isn't everybody?). Our profits right now are staying in the business until we go totally self employed, we have W2 jobs at the moment. We will be building our rental portfolio and also working on other projects with exit strategies for flips and owner financed deals.

Have read about this, I still am not sure what is best, I am at a crossroads. We are not a very complex business at the moment. Any help is greatly appreciated.

Thanks in advance all.

I went to grad school for a fancy piece of paper and when I got out I was overqualified and under experienced.

Somewhere along the way I realized that I needed to make some big changes. I can't remember exactly how, but "Rich-Dad Poor-Dad" got into my hands, and the cash flow boxes with the arrows finally made me take a look at my very little(negative) asset column. I was very good at the "expense/outflow" column so in my mind I was halfway there :lol:

I was a pretty avid reader up to that point, so I thought. After that book, you could not pry me out of something about personal finance, real estate, motivation and mindset. That was 5 years ago and about 42 books/courses later.

I joined the local REIA's, tried wholesaling, never able to pull the trigger, kept referring my leads out to realtors and realized I was giving away easy money, so I became licensed.

All my retail deals go right into the investing side of the business and we are working to get to totally passive income through our rentals. At which point we will focus on flips and private lending.

We plan to be W2 free by next June.

Congrats! That's awesome!

Stephanie,
Some great posts here, the key is keep shopping. You will find the best blend for what you need.

Have you asked anyone from your local REIA who they "hang" with and why?

ahh, you are correct on the points.
Most of my properties are in that pricerange, so my bad on the assumption.

Yes, at half a mil an extra 14k would be a good savings. But and extra 1k for the other side would not be much of an incentive either.

Po-tay-to - Po-tah-to