Hi DG family, this will be my first post on my journey into real estate investing just a little background on me I was in business with my brother for 25 years, we installed and service high-pressure steam boilers.
I also was part owner of four dry cleaning stores in the New York area. I was forced to retire due to the fact that became visually impaired, I have not been able to drive a car for the last seven years, but I've always been interested in real estate, and now that I have the time and definitely give it my full effort.
After listening to the audio book that I downloaded from Dean's website. I've listened to it three or four times already. I am now starting to take action steps. Talk to my real estate accountant, and he's working on starting my LLC. He does recommend having an LLC for every property I decide to keep as having too many property on one LLC could be a liability, should you have tenant slip on the sidewalk and sues you, they could put lean on all the properties in that LLC can make it difficult to sell, sounds like good a vice.
I will confirm this. Next week when I speak with my real estate attorney. I'm going to start with assignments, but ultimately, I would like to have a rental portfolio. I believe this truly my ultimate goal.
I also be starting a robotic message to look for buyers. As I believe this is the key to the whole process, and it would like to have a website to go along with this. I am still looking for that magic real estate agent. I hope I will find that person pretty soon.
I saw a post last week in reference to land trust. This sounds like another way of doing assignments and doing research to look into it but I did find a good interesting tidbit for you Florida investors that back in 2008 when they redid the land trust law in Florida. They included something in which Anything under land trust can receive the homestead exemptions in Florida, which could mean up to $1000 in savings off your real estate taxes. I'm going to confirm this soon. When I go down to the tax assessor's office and see what information they have. I hope it's as easy as it sounds.
I'm having fun with the whole process. It's fun to learn new ideas, well until next time.
PS Hope everybody will be safe and enjoy the holiday season.
There are no problems, only solutions