Hello all. Am new to this forum and have read everything that's posted and I appreciate all the information this forum have provided. I am waiting on DG book to arrive but I do need some clarity on a few things.
I am in the same situation as a few others, I currently do not have a job, have no money and poor credit. But am seeking to change my circumstances, which is why I am interested in real estate.
Here are my plans which I am seeking any advice or guidance on.
(1) I want to start by assigning properties but the question I have is: When contacting investors do I ask how much they pay as a finder's fee or do I just say that am an investor to and have several properties that I would like to get off my hand etc... I believe I read a response from Sully saying something like this. Which is better approach when contacting investors?
(2) While assigning properties I also want a stablish a company and start building credit so I can obtain a loan to purchase property under that company's name. I do live in Florida in Palm Beach County. LLC's are
not expensive to set up here, but, as I was reading I see some people suggesting land trusts and having a LLC as a beneficiary. Others are suggesting S-corps because they offer better tax benefits. Am confused! For a newbee like myself. Aftering assigning several
properties I want to get into buying of my own and renting them out and then get into the flip and rehap stuff once the market turns around. But I do want to start off on the right foot first and it right once. So which type of entity would be better if my ultimate goal is to get into buying and renting some properties and flipping and selling others?
Just to note I have read where LLC's are better for renting properties and C-corps are better for flipping and rehabbing properties. Any thoughts on this?
(3) Once I establish the company are there any other suggestions how I can establish credit for the company. Is there like a website that I can obtain credit cards or is it better to start off with in-store cards?
P.S. Sorry for the longwinded post.