Either that, or that really are just regurgitating someone else’s stuff.Let your income lead your expenses, not the other way around – I have to confess, I heard this from a free real estate course, not personal advice.However, I have found this to be very valuable.It’s amazing how quickly you can spend a lot of money and/or get into debt because we think “we have to spend money to make money”.We get in a hurry (remember #1) and think we’ll make all the money back in just a short time period.The gurus are great at convincing us that their course will pay for itself and we believe every bit of it.Instead of going into debt for education, pay with cash and from your previous income, not your future possible income.Remember, “results are not typical”.Don’t worry about incorporating in some other state – This actually came from an attorney friend who said if I felt I needed a Corporation or LLC to use Nolo Press and to do it myself.Contrary to what most of the gurus say, you can look up the parties in Corporation and LLC in Nevada and other states.In addition, most states will require you to register with them if you do any kind of business in their state.So, if you’re going to form an entity, just do it in the state you are going to do business in.Don’t form an entity until you have done several deals – This seems to be one of the first things newbies want to do – and I was one of them.What the guru’s don’t tell you is that you’ll probably have to pay someone to do your taxes for your entity which will add extra costs.They also fail to tell you how difficult it is to work with banks as an entity until you have several years of tax records to prove you’re successful at the business.If you haven’t done any equity or assets, use liability insurance and a personal umbrella policy.It will be much more effective and cheaper in the short run.After you have done several deals and have assets you want to protect, then you can form your entity.

You may also need some funds for incorporation.

Hello Everyone,I started building a spreadsheet that follows my rental property worth, paydown, tracks expenses and vacancies as well.I wanted to incorporate one large spreadsheet with each property showing the monthly loan paydown, all cash in-flow and out-flow, and link it to a networth tab on the sheet.Has anyone created one of these or would anyone be willing to share ideas or their own spreadsheets for formatting?

I purchase my investments in the midwest and incorporate in Indiana.

We are in the early steps of figuring out incorporation, lending options, real estate analysis, and so on.  

I am going to a REIA meeting in the beginning of August, but IM wondering if in the meantime I should be incorporating somehow and opening up a business bank account.

another heads-up that the officer gave me was that it's always best to incorporate when you have rental property because if she was smart enough she could have gone online and saw my name associated to the property and try to create a lease and Forge my signature.

I'm planning to incorporate something that will really stand out.Second floor bath:Already nicely renovated!

My purpose in life is my family, and I want to get to the point where I can incorporate my income earning with them (while not having to be tied to a desk).

I can incorporate an LLC in any state, I guess, but if I want to register the foreign LLC in MA it costs the same $500/year.