5 Thing Pace Knew Before Starting Real Estate | Subto Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 10 June 2022
⏱️ 22 minutes
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Summary
Pace goes through some things that he wish he knew before starting Real Estate. Listen to the master talk through some things you might be able to do yourself.
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Transcript
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| 0:00.0 | Hey guys, five things I wish I knew when I first jumped into real estate investing and |
| 0:05.5 | one do and one don't regarding those five things. |
| 0:08.6 | Let's get into it. |
| 0:09.6 | All right, so the first thing I wish I knew way, way better and now it's become a passion |
| 0:13.5 | of mine is company structure. |
| 0:15.2 | I wish I knew company structure. |
| 0:17.5 | Okay. |
| 0:18.5 | Now there's multiple reasons why learning company structure is important, but what is an LLC versus an S-Corp? By the way, there is no such difference. An LLC is an S-Corp, and an S-Corp is an L-L-Corp essentially is the company, and the S-Corp is the way you elect to pay your taxes. So I wish I knew that in the beginning. Like, why is an S-corpor important? Why is an LLC important? It's now fun to understand these rules and these regulations |
| 0:42.4 | because it helps me save on taxes. It helps me with privacy. It helps me with lenders. It |
| 0:47.9 | helps in so many ways. Also corporate credit, right? These things are so important and I see so many people buying deals, |
| 0:56.2 | running their wholesale business, being real estate agents, all in your personal name. Guys, |
| 1:00.4 | do nothing in your personal name. In fact, if I showed you how much money I had my personal |
| 1:04.5 | bank account, you would laugh. I think I have like $12 in there. I don't use a personal bank |
| 1:08.8 | account. I wish I knew corporate structure, company |
| 1:11.8 | structure when I first started. So what does it do and what is a don't regarding this? So the |
| 1:17.1 | first don't. I've learned the hard way. Do not ever start an LLC on your own. You don't |
| 1:23.0 | know what the hell you're doing. I don't care what website you're going on. I don't care what |
| 1:26.6 | help you're doing. If you have not talked to somebody who knows how to set up in a state plan, one LLC being set |
| 1:32.6 | up wrong can screw up your whole entire system. So essentially, I'm going to keep it very simple. |
| 1:37.1 | I have a holding company, and this holding company owns multiple LLCs. Okay, so this is an LLC, |
| 1:43.0 | and this is like my flip business. This is another LLC. |
| 1:46.3 | This is my rental business and so on, right? I own title companies and cold calling companies |
... |
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