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As a Sole P you lose some tax-free fringe benefits because you cannot participate in company-funded employee benefit plans like medical insurance and retirement plans. Second, since the owner and the business are inseparable, whoever sues the business actually sues the owner. The owner's personal exposure is unlimited. Finally, the business owner is personally liable for the debts of the company, and unfortunately, personal assets can be taken to pay company obligations.
Thats not to say dont do a Sole P I just think incorporating is better.
And when you incorporate it just means you creating a business entity. It can apply to a Corporation or a LLC.

see thats what I am trying to figure out about GA. Two things that seem to be is not a lot of appreciation and lots of foreclosures. But I guess it depends on the areas. I wasnt ready to do the buy and rent but would consider it later. guess i better change my area if there is not a lot of appreciation there.

havent done it yet. i have cold cold feet!! Just trying to learn what I can cause when your broke you can't afford to make mistakes! :lol:

Hey Mike, I have actually checked out GAREIA. it seems to be a great place to network and get your feet wet. They have a member orientation if your thinking about joining and I went twice and learned a lot. They also have a class on RE investing for beginners that is free and that was really interesting too. You should check it out.

well we were thingking about gwinnett county. thats the thing no really sure. I have only been in GA for a little over a year so I'm trying to uderstand what the market is like and the different areas.

I always say start a business. You get tax advantages to being a business and it doesnt take a lot of money to actually set it up. I would suggest LLC but I am not an attorney or anything. I ony suggest that because its a lot less paperwork then a corp and if your still what I call a W2 earner you can pass your business deductions through your personal income to get more tax deductions. Later on when you grow you can always set up a corp. There is never a harm in setting up a business except that is costs money and that can be done inexpensively especially when you do it yourself. Again just my opinion I am not a lawyer.

thats an excellent point about knowing what sets your city and/or area apart. I am in Georgia and for us its foreclosures. Were are the highest in the country.

Getting your personal credit fixed is just as important as getting the corporate credit. One thing for sure is having a reale state business makes corporate lending sometimes difficult as its considered very risky. There are places like Lowes and Home Depot that will give you credit based on your business credit but that takes some time to develop as well. You have to start with a tax id and duns number. Look for suppliers that will work with you on a net 30 basis and report your payment history to the credit reporting agency for your business credit to build up a file. It takes time just like your personal credit.
A secured card is an option as well. Good luck!

Hello everyone. My name is Michelle and I am glad I found this place. I have yet to do my first deal. I am actually really scared and doing the whole look before you leap. I have friends that want to get started as well but I guess its hard to decide where exactly. I have actually decided to go the wholesaler/bird dog route to get started. So now that I have a focus area I am just trying to find out whats the best way to succeed in that area. Looking forward to networking and learing!!!!!