In today's blog post, I'm gonna share my thoughts on LLCs, specifically when it comes to wholesaling real estate.
One of the most common questions that I get is whether or not you should set up your LLC before you start wholesaling real estate.
And while what I say here today is based on my own research, my own experience, and my conversations with my CPA, I am not a financial advisor.
And so anything I say here should not be taken as personal financial advice. You should definitely consult a professional for that.
There are a ton of different ways that LLCs and other business entities can be utilized for wholesaling.
If you're not familiar with what wholesaling is, it's the process of getting a property under contract with a motivated seller and then selling or assigning that property to a cash buyer for a fee.
There are different rules and regulations depending on what state you're wholesaling in.
We'll talk about whether or not you actually need an LLC to get started...
What's up guys and welcome back. This blog is where I document my real estate investing journey and bring you along with me.
Today I'm revealing 15 real estate side hustles that you can do part time.
Not only are these jobs in super high demand, but they also pay pretty well. And I'm going to show you how to use these side hustles as a way to get your foot in the door and become a full-time real estate investor yourself.
Today, I'm going to tell you exactly what you would be responsible for if you were working with an investor to do some of these jobs.
I'm also going to tell you how easy it is to get started doing that side hustle, how much money you could make, and what type of time commitment you might need.
So one thing I do as an investor is break any big rehab projects up into three phases.
So at the start of phase one, I'll have all of my estimates for phase one and all of my contractors hired.
Then, as we're approaching phase two,...
What's up everybody? My name is Lili Thompson and welcome to the Lili Invests website. This is where I'm documenting my real estate investing journey alongside my Lili Invests Youtube channel.
One of my biggest goals in life is to support myself and my family financially through my own businesses and through passive income. That's why I started educating myself and investing in real estate.
There are a bunch of real estate “gurus” out there, but that’s not me. I started out as just a normal 24 year old sharing my journey with you guys.
My first videos on this channel were about the end of my basketball career due to a torn ACL and the global panini in March 2020.
My whole life I'd been an athlete and with that taken away from me, I felt kind of lost. I even thought about switching sports and trying to go pro in golf until the stay-at-home orders took effect.
And I found myself spending more and more time at home feeling like the world...
What's up guys? My name is Lili and I've been posting consistently to my Lili Invests YouTube channel for over 2 years. Now my channel has 185,000 subscribers, 267 videos, and almost 7 million views!
My channel is all about my journey to financial freedom through real estate investing.
Today I wanna talk about the mindset behind starting a YouTube channel because as my journey has shown, if you're able to step outside of your comfort zone, there is a big opportunity for starting a YouTube channel and it could quite possibly change your life.
Not only is YouTube the second biggest search engine on the planet, but video content is very quickly becoming the number one way people get their education, connection, and entertainment. Think about if you need to learn how to change a tire, you're probably gonna go watch a video about it rather than reading an instruction manual.
Same thing often goes for a lot of things that we're doing in our day-to-day life: people rather watch...
Today I'm gonna show you guys exactly how I run the numbers and analyze different potential investment properties.
Today I'm going to show you two properties, one in Oklahoma and then another out in Pennsylvania.
We're gonna specifically look at multifamily properties that you could house hack, as I think that's what's the best way to get started investing.
The first one we're gonna do here on the white board, and second property I'm gonna show you guys how to use the Excel calculator that I built that is super simple. you just type in your numbers, and it spits out your cash flow amount, your return on investment, all the necessary information that you need.
Here is the link to my house hacking deal calculator.
The first property we're going to look at is a duplex that I found in Oklahoma City and the purchase price for this duplex was $120,000. This is a 1-bed, 1-bath on each side, and there are a couple of things you want to know for...
Have you tried to estimate rehab costs with no experience before? It's not easy right? Here on this blog I help real estate investing beginners learn to invest in real estate.
This post shows how to estimate rehab costs. Running the numbers and estimating rehab can be one of the toughest parts of doing wholesale or BRRRR real estate.
So I’m looking at a property that is in pretty distressed condition, and I want to show you guys how I run the numbers. As we walk through, I'm going to show you how I use my new rehab calculator to estimate the rehab as I go through.
Now, this is for those of you that aren't contractors and who may not have a bunch of construction experience, but still want to be confident when you're running your numbers.
And then I'm also going to tell you how I can teach you to run comps so that way you'll have the two most important numbers.
You'll have confidence in your rehab estimate as well as your ARV. So I'm gonna show you how I use the...
Whenever I call up a real estate agent about a wholesale deal, there's three things that I'm trying to keep in the front of my mind that I kind of want to portray to them.
Number one is confidence.
I want to exude confidence and make them feel like I know what I'm doing, even if I may not be exactly sure of every little step in the journey.
That's my approach.
I think that when you exude confidence, people naturally believe in you.
When you speak like you know what you're doing, people assume you know what you're doing.
I'm actually going to show you guys one of the calls that I did with an agent to get this confidence across.
And remember, I'm making like 5 to 15 calls to agents every single day.
So I'm getting a lot of practice. And the best way to get good at this is to just do it. To just pick up the phone and call.
I might put together like a script of what I say for you guys.
And so first, I want the agent to have some belief...
Unless you live under a rock, you know that the housing market is going insane and good deals are getting harder and harder to find. So why is it that we spend our hard-earned money driving for dollars or skip tracing properties, and then we don't even keep track of the leads we actually make contact with?
Or when we finally do get up the nerve to cold call, we talk to someone who's interested and wants us to call them back in a few days, but then we lose their contact info in a mess of sticky notes and random papers?
You know what I'm talking about. The cost of a disorganized business is higher than you think, and I don't know for sure but I can guess that throwing away money isn't part of your business plan.
If it keeps happening, you're gonna run out of cash sooner rather than later. I realized that I was in this exact situation a few weeks ago.
In today's post, I want to show you guys what I did to change it and stop the bleeding. This is my first time cold calling homeowners...
I'm sharing an opinion that is probably a little controversial in the real estate investing world, and it has to do with some recent government tax changes, real estate investing changes, all that good stuff. I've seen a lot of real estate and investing YouTubers here talking about this change, and I kind of disagree with most of them.
But what we're going to do today is, we're going to watch Graham Stephan's latest video talking about this change, and i'll share my thoughts as he kind of is explaining how everything is working.
Graham: So a few days ago, I made a video discussing my thoughts on the new personal tax increases along with an analysis of how that would affect the stock market.
However, I purposely left out one crucial point which has the power to completely change the landscape of real estate investing and home ownership, because honestly it deserves its own video.
And that brings us to today.
In the middle of one of the most heated housing markets of all time,...
This is not your typical business advice.
Everyone tells you to write a business plan, start an LLC, design a logo, throw it on some merch, talk about it on Instagram, and put your head down and grind because money doesn't grow on trees.
They're wrong, money does in fact grow on trees. There are five types of money trees, and today I'm going to show you how to plant seeds and start growing one of your own. In fact, to prove to you how much I believe in this strategy, I'm starting a brand new business in the same way.
I documented my very first real estate deals on this channel. I'm going to be documenting that business and all of the failures and all the successes starting with this post.
Today's post takes us from zero to five hundred dollars, and if you follow along with this series it might just take you from day one of your business to Financial Freedom.
If you're really about it, let's go! I recently read a book called “The Millionaire Fastlane,” and it got...
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