I would like to have, if possible, some information on where to go to
get some help to pay off my current personal bills & to be able to set
up a business account. (Tried a personal loan, and got rejected) Also what is the best way to get my business going without too much cost. Most programs off the webinar are$797-$1497. I would like one that is automatated & doesn’t take several months to close a deal, but a much shorter time. Thanks.
Also, I don’t know if you can answer this question or if I need to go onto a
forum. I have a friend in CA (Sacramento area) that is trying to sell
their house, so they can move to Texas. I believe it is a very nice
mobile home in a park. The owner has been trying to sell it for them,
with just a few lookers. They may put with a realtor who has MLS. My
question is there any way I can help them? There is another family
here in TX, close to Cleburne, who wants to move closer to our Christian
friends (around Joshua, Crowley area). Some have been helping them
get it ready to sell. Seems like the realtor hasn’t done much. Is there
any way I can help them? I’m new at this and don’t know if these
would count as good leads. If so, let me know & I can do tax, etc research on them. Thanks.
You have several options depending on the condition, financing etc. on the house. And YES!, this is an excellent lead! In fact they both are. You have Option, L/O, Owner financing and “Subject to” offers you can present again depending on their circumstances. Let me know if I can be of further help.
You can set up a business account at any bank. In Texas they will ask for a BDA (Doing Business As) which is just the registration of the business name at the Texas Secretary of State’s office. They will do a name search to make sure it has not being used and then issue it to you. You will then use that to get a Tax Payer Identification number which is like a social security number for a business. Take those document to the bank and they will open an account for your business.
Paying off personal debt is not a financial issue it is an issue of behavior. You have to spend less than you make. You can’t borrow to get out of debt. You have to either make more money and not change your spending habits or make the same amount of money and spend less. The TV and radio personality Dave Ramsey is wrong on a lot of issues but on getting you out of debt he is right. You list all your debts from smallest to largest and regardless of interest rate pay the smallest one off first and then take the monthly payment you typically paid on that one with any extra cash you have and attack the next smallest one and so on until you have no debt left. He calls that the debt snowball.
Bluemoon06’s 1st paragraph is right on the money. The bank in my home state of PA wanted a corporate seal on the appl because I’d set up a corporation before they would open an account for me. However,This would not be necessary for you if you are operating as a sole proprietorship which is nice for the first couple of deals you do because it does not take much money. I started that way back in the 90’s!Registering your DBA with the state as mentioned before should do it. After you make a few bucks, I would certainly incorporate though. Now how about the part about making money and paying bills? Well you’re in the right place which I hope is making you think about getting training in real estate investment techniques to increase your income so that you can pay bills like the rest of us. Heck, I’ve done deals that only netted me 3,4 and 5-7K which ain’t much but it sure covered my car payment, mortgage, several bills and the groceries without me having to even tap into my paycheck at the time. Get your training, get out there and do some deals! Let me know if I can be of further help to you.
Thanks so much for the advice so far. I do have a business name & EIN already set up here in Texas. This past winter took Bob Diamond’s foreclosure class. Was to have started the bankruptcy class this evening, but must have gotten cancelled or something.
Should I check with a realtor about those two properties? I want to do them legally & correct.
Thanks
Mary