Hello everyone, My name is Omar and I am newbie to the Real Estate industry. Through my research I figured the best way for me get started is to begin as a bird dog for other investors. I will take this on as my full time job. I wanted to know if before I begin should I incorporate(ie.LLC, S.Corp…).Any suggestions for this newbie would be greatly appreciated.
You need to hire 37 lawyers with PHD’s that specialize in real estate law. Get one from Harvard. Yale, Princeton and the great Tar Heel State and UTEnn and UT Texas. I can help with the Texas. Once you have this group you can get started. All 37 (my favorite number) will give you advice on how to get started in Real Estate Investing. Some will say you need an LLC with a trust DBA as a corp etc. The truth is is that it just don’t matter until you have started doing a deal. Alll the boiler plate legal stuff will come when you have assets to protect and some income to pay your 37 friends. If everone quit worrying about the how to get started and just get started they would be well on their way.The worst that can happen is you find a good deal and make only a few hundred for a few phone calls. You will be doing better than plumbers and that ain’t too shabby.
To Tedjr, I would like to say thank you for your blunt honesty. There is no reason not begin right now. Thank you for kick starting my engine.
Sometimes you can overthink it to death. A case in point today my wife was approached at the grocery store and ask what size pan to use to make brownies. The recipe called for a 13 by 9 inch pan. The poor lady was looking all all sorts of pans. My wife showed her a 12.8 by 8.9 pan and said this will work just fine. The lady was so happy she wanted to hug my wife. It is not stupidity for sure but maybe just a little nerviousnessessess. It is her first attempt to cook some brownies. You could just buy some too and heat them up with some butter pecan ice cream who cares what size the pan is.
I am glad you got my point and hope I was not too blunt. I was in a wierd mood this morning at 5 am, I was even blunter on another post. Good luck with your plans
Welcome to it. I am a full-time bird dog for three months now. Actually, I consider myself an investor, but sort of in-waiting for that first good deal I don’t want to just refer. I have found it better to understand what investors are after and refer only those “true” deals to them. I was fortunate enough to make what some wholesalers do on my first paying referral last month.
I feel at this stage that I may always be a bird dog – there will always be other investors who know more than me that I can learn from and deals I can’t do myself. So, despite what others may tell you, being a bird dog is a good thing and you can make a business out of it. Just be the best you can at it and it will succeed I am sure.
I am staying sole proprietorship for now. I was advised to wait for my first money to decide the type of business to create. I expect to get my advisor involved shortly for his recommendation.
I would like to thank you for taking the time out and answering my question. With you just beginning I know that you are real busy and I appreciate the insight. I believe that I will begin as a sole pro.,then move on to LLC.
Do you get contacts signed before giving the information about the potential deal? Just curious.
At this momemt that is what I have done, but I will begin to get it signed before I give information as I am building up my roledex of investors and their particular wants.When I have a list of investors then I will be able to sign and then put the deal out there for the investor.