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

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.

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

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've been in business, technically, since I was 13-years old going back to 1963.

I did have small business experience, but only so much can be applied...