Well,
My two sense.
First, Kiyosaki sounds very good - but his books are VERY basic and GENERAL. Granted I find his stuff educational in that it actually does help you see how Rich people think and live their lives. I mean, personal audited financial statements are something I never even heard off before I read one of his books.
But much of what he talks about takes TIME to cultivate. Investing through MAXIMIZING LEVERAGE (borrowing OPM) to gain financial “benefit” is VERY risky if you do not understand FULLY, what it is you are doing.
There are MANY qualifiers in his and other get rich guru’s books…
The biggest one is the word - IF
Such as:
IF you’re comparisons are accurate and IF you buy at 30% below market value and IF the property appreciates and IF etc. etc. etc.
The other things to consider are how many different ways many rei’s violate DOSC’s with their “techniques” to maximize leverage or “fib” to a lender “just a little” about x,y, or z.
As far as the LLC is concerned - it takes HARD WORK to realize the true benefits of such an entity. This HARD WORK is building a COMPETENT understanding of how LLC works in relation with your business goals
Don’t do anything until you have developed a good working knowledge of RE and have CLEAR goals (i.e. identify a niche in your market that matches your skills)
Read the thread “Asset Protection” just recently posted on here - it’s interesting reading. Read the links as well. Legalese is NOT my fortay and the LLC sure as hell lays it on thick. LLC is NO DBA, that’s for damn sure.
It’s like Kiyosaki says, to be captain of your Arc - you have to KNOW your business and you have to BUILD your Captain skills before just “changing your reality”. Remember - as Captain for your Arc - you are NOT a CPA or Lawyer - and do not rely on their answers solely as the Bible - again, you must know a little about a lot as a Business/Investor person. The CPA or Lawyer, regardless of how much they make are still in the E and S quadrant. [in this regard - identify a Lawyer who is VERY successful in RE and is in the B and I quadrant and develop a relationship with him/her]
I’ve been educating myself (some would call this “Analysis Paralysis”) for just about 4 months now. I’d say I have about another 4 months before I actually buy anything. I’ve got LLC ready to go. I have a CC with a hefty BUSINESS LOC. My “reality” is re is not making me any $ right now. And some would say, “jump in - do it!”
learn - educate yourself - then begin making your moves.