Hey Karen, A misconception about the real estate professional status (REPS) is that you can be in a real property trade or business (in your case, broker) and still qualify.

I suggest you listen to free podcasts on land wholesaling, build a business plan, and then work it (Wholesaling Inc is a great one).  

I am a realtor based out of Cleveland, OH and I have a client who is looking to lease a commercial space for his business.

Hello All,I am Sonni Harvin and the title is who I am from a business perspective. 

For example, if you dedicate enough time to real estate businesses and real property trades, you may qualify for the real estate professional tax status which is potentially a great way to reduce high W2 taxes. 

I see former players from the 2000's coming back to the industry under different business names, and some of their prior work was less than stellar.

I will keep that in mind as I develop my business plan and team.  

Josh,Typically when you set up your LLC you need to establish your EIN Tax ID and open up a Business checking account. 

A LOT of distrress is leading to mergers and firings, in just the last few weeks, this happened: (Big credit to @NewsLambert)Lower to acquire Universal Lending retail and wholesale operations (11/1/23)Trustar Mortgage acquired by Archer Mortgage, LLC (11/1/23)People’s Bank of Commerce to exit residential mortgage lending (10/27/23)BMO Bank cutting 228 jobs in Northern California (10/25/23)Homestar Financial to wind down operations (10/25/23)City National Bank layoffs in Los Angeles total 71 (10/23/23)Hometown Lenders layoffs (10/12/23)First Savings Bank to lay off 135 mortgage workers (10/4/23)Wesley Mortgage absorbs competitor Colten Mortgage (10/4/23)Cenlar to lay off 85 in Ewing, NJ (10/2/23)Rithm Capital to acquire Computershare Mortgage Services Inc. (10/2/23)Wells Fargo cut 525 jobs in South Carolina (9/28/23)Better Mortgage lays off additional employees (9/22/23)The Graystone Company has acquired Direct Mortgage (9/13/23)Flyhomes to purchase certain assets of Home Sale Assured (9/13/23)Divvy Homes to cut 95 jobs in San Francisco (9/11/23)Farmers-Merchants Bank to sell three branches to focus on core mortgage business (9/11/23)It goes on…..The mortgage industry is in a starkly deep recession.And RIP refinances, unless you are holding an even higher interest rate loan (like a construction/bridge loan or hard money, or perhaps you just fixed your credit.

I asked for business information and this is what he sent me.