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yes. do people run businesses for years without setting anything up (basically, a sole propietorship)? sure they do. do i really know enough about this to be giving you advice? not really.

drweltman you're too funny!!! :lol: But you've basically covered the answer to my question. I was under the impression that a person wouldn't be compensated by the title company or something if a business entity hadn't been established. I didn't want to get to the table at closing and hit a brick wall.

I'm basically starting out by assigning contracts until I'm more confident as an investor and learn more about the business. Ultimately, my goal is to graduate to rehabbing. Once I feel confident to start some rehabbing projects, I plan to focus particularly on southwest Dallas (i.e. Grand Prairie, Arlington, Duncanville, Cedar Hill, Desoto, Lancaster). Some areas of central Dallas have been appealing as well.

"... and will be using them again today to incorporate another venture."

Okay, Biggerpro & drweltman...

Just so I'm clear as well, each rehab, flip, assignment, or whatever your investment project is at the moment, needs to be incorporated (or LLC'd)?

I've read that title companies will only pay to investors that have a DBA established. I intend to either incorporate or form an LLC, but was curious about what I'd read. Is this accurate or does it vary? Would birddogs or assigners need to establish a DBA as well in order to be compensated for their work?

Awesome EWilliams!!

Sorry your real estate person wasn't more helpful. I went to view my potential investment property on Saturday too. I'd set up a time for the agent who's selling it to meet me there, but he didn't show up. He left me a voicemail later apologizing, but I went to look over the perimeter of the property and other than the lawn, paint, and fencing this looks like it'll be a great deal. I found 3 other abandoned homes on the same street and I'll be looking up the owners and making contact today. In the meantime, I'm setting up another appt with the agent to see the inside.

OFF TO FIND MORE PROPERTIES!!! :superman:

Cool EWilliams!!!!

That sounds really great!! Good luck to you as well. Let me know how your walk through goes. The best way to learn is from each other's experiences. I'll definitely post my experiences as well.

Thanks Ryan. I'll let you all know how it goes. :D

Hey EWilliams!! Welcome to the forum. I saw the house while dropping a co-worker home. The house looked vacant with a FSBO sign out front. I took the number, called when I got home, but had to leave a msg. The owner called back the following morning and gave me all the details on the home. Repairs that need to be made, etc. I set-up an appt to meet with him for tomorrow afternoon to walk through the house with a repair list with cost estimates and then I'll negotiate my deal on tomorrow and hopefully put a contract on the house. Then, go from there.

RYAN!! What kind of contingency? What should it say? My apologies if my simple questions are annoying, but I'm wigging out a little bit because things are happening really fast and obviously I'm still not confident.

Thanks for your help though!! :D

Okay. That brings me to my next concern. My buyer's list is not developed at all. In fact, I only have 3 phone numbers of individuals who rehab props. So, I'm afraid to sign the contract with the seller until I'm confident that I have a buyer lined up. Trust me, I'm working feverishly as we speak to find someone who's a bit more established and interested in the deal. But, what if I can't assign the contract by whatever deadline we set-up?

The reason I'm in a bit of a pickle is because this opportunity seriously fell into my path out of the blue on yesterday. I'm happy and grateful for the opportunity, but a little frightened too because I've only just begun educating myself on investing since January, 2007. I DO NOT want to screw up my first shot ... you know? :shock:

Ryan:

I've found my first wholesale property and I'm working on a deal right now. I want to assign it, but how do I market my deal to rehabbers without them going around me and taking the deal from me? Do I give them the specifics about the house without disclosing the address? What if the rehabber wants to go and take a look at the house themselves to decide if they want it?