WIP 1161: The Most Important Insurance Policy Every Real Estate Wholesaler Needs

Wholesaling Inc with Brent Daniels

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4.9 • 1.4K Ratings

🗓️ 6 March 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you're starting a real estate business, it's essential to choose the proper entity structure. However, determining the best LLC structure for your real estate wholesaling business can be challenging as it depends on various factors specific to your business.

You may find it helpful to listen to Todd Todback's episode, where he provides insights to differentiate among multiple LLC options and guide newly experienced real estate wholesalers towards selecting the most suitable one for their business needs.

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Show notes:

(0:59) Beginning of the episode
(1:13) What is an LLC?
(1:58) Look at an entity as an insurance policy
(3:13) Liability is not something to be feared, nor ignored
(3:20) There are typically three types of entities that people talk about
(4:15) S-Corp vs LLC vs C-Corp.
(9:20) Additional recommendations

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Resources:

No Limits Real Estate Investing
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Transcript

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0:00.0	You're listening to wholesaling ink episode number 1161 LLC. It's the easiest. It's the most
0:07.0	flexible. It requires at least amount of maintenance. And so if you want to do, you know,
0:12.0	if you just want to do the least headache, the easiest, the most flexible, the LLC is what I
0:16.4	recommend to most people, limited liability company. This is game changing information,
0:23.4	guaranteed to raise your real estate wholesaling business with actionable steps you can take
0:28.1	immediately to navigate the ins and outs of wholesaling and start making money today.
0:34.1	Join us as we put our guests in the hot seat and dive deep to dissect their strategies for
0:38.9	success to enable you to duplicate their results. You're listening to wholesaling ink.
0:44.3	The only show dedicated to making you a fortune in wholesaling.
0:50.1	So today we're going to talk about which entity is best for new and experienced real estate
0:56.9	wholesalers. And I got to tell you, this is a really important topic that not a lot of people
1:02.4	talk about. But if you're going to be in business for any length of time, you must operate
1:09.2	in an entity. What is an entity? An entity is basically a company, right? It's an LLC. It's a
1:15.4	corporation. It's an entity that shields you from liability. So in general, some people say,
1:22.0	hey, you have to form some kind of limited liability company. Now, I don't want to scare you.
1:30.3	Business is fun. And you could make a crap ton of money. And I want you to make a crap ton of
1:35.4	money, okay? But crap happens, right? If you drive in a car, right, you want insurance,
1:41.0	because you can get a car in a car accident. And so you buy insurance so that in the case that
1:45.7	something ever happened to you got an accident, your insurance will cover you. And so in the business
1:51.6	world, of course, there is business insurance. But I always look at an entity as insurance. And
1:57.5	it is going to be really, really important. So number one, you want a company for two reasons.
2:01.3	Number one is that people are going to take you more seriously. If you have a company,
	...

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