The first time I started looking at buying investment properties outside my home state – there was something that got me really confused.
You see… when I started my business, I had formed my LLC in the state of Michigan.
After researching how to do business other states, I started to get the impression that I needed to register my LLC as a “Foreign Corporation“ in any jurisdiction that WASN’T the same as my home state.
Given that my business entity, physical office, bank accounts, mailing address, phone number and every other property I had ever owned were ALL in Michigan, I knew I was covered in my home state – but what if I wanted to start flipping properties in other places like Ohio, Arkansas or Oklahoma? Was I required to register my Michigan LLC as a “foreign entity” in each one of these states before I could do anything there?
…and what if I DIDN’T go through these motions? What would be the consequences if I failed to comply? [click to continue…]
Fear is a funny thing.
In some ways, it’s a healthy emotion. It serves as a protective mechanism that keeps us from doing things that may harm ourselves or those around us.
On the flip side, I’ve found that more often than not, fear can be a thief. When we let it take the driver’s seat to every destination worth going, we give it permission to steal the joy and freedom we were born to experience.
Some people are TERRIFIED of living life. I mean really living it. This isn’t something most people will openly admit to others, but it’s a truth that lives deep inside many of us. [click to continue…]
If you’re in the business of “flipping” real estate (i.e. – buying undervalued properties and selling them at a significant markup), one issue you’ll eventually have to address is how to brand yourself as a buyer and how to brand yourself as a seller.
In a very real way, you’ll be wearing two separate hats in this business. On one hand – you’ll be running an acquisition company that buys undervalued assets from highly motivated sellers. On the other hand – you’ll also be running a real estate selling platform where you need to showcase these assets in their best light and sell them for much more than you paid.
It’s like operating two separate machines that perform completely different duties. Given their inherent differences, it often makes sense to establish two separate brand names for your business in order to perform these roles without confusing your customers. [click to continue…]
When I decided to pull the plug on my job at the end of 2015, there were a lot of thoughts running through my mind.
On one hand, I was terrified.
The idea of FINALLY quitting my job was something I had thought about for years, but it wasn’t something I actually considered doing until about 12 months ago.
When I started looking at self-employment like a REAL, legitimate option for my future, a lot of conflicting thoughts came into the picture:
- Am I truly capable of surviving without a full-time job?
- What if all of my businesses fail and I suddenly stop making money? What then?
- What about health insurance? Do I really want to pay for that myself?
- What about all the other benefits my employer covers for me?
- What if I have to go back and get a job some day? How would I ever cope with a crushed spirit?
- Is it foolish to think life can be this great? I don’t know anybody who gets to live like this… what makes me so special?
In a lot of ways, I was scared to let myself think big. [click to continue…]
This may sound a bit random – but with the sheer quantity of emails I’m getting these days, this is something I need to put out there (and it’s more of a plea than anything).
Here’s the issue:
I am SHOCKED at the number of people who can’t write a stinkin’ email.
I’m not talking about the occasional misspelled word or missing punctuation mark – that’s something we all do and I can live with those. I’m talking about the overall inability to string together appropriate words and convey a simple, coherent, understandable message.
I get these kinds of emails all the time in my inbox and unfortunately, this issue isn’t unique to the world of real estate investors. [click to continue…]