In this episode, Mark Podolsky, the Land Geek, talks about the most basic things you need to think about when starting a real estate business. He discusses the questions that people have been asking him.
- What’s the best way to invest in real estate?
- Should I start with an LLC?
- Should I start with a real estate website?
- Should I start making offers?
- Do I need any other type of corporation?
- Should I talk to a CPA?
- Should I talk to a lawyer?
- What do I do first?
Mark’s practical answer to the most important things you need to do from Day 1 is that you have to engage in activities that will generate income first. Mark strongly suggests that you have to start making offers. The next thing you need to do is get educated. These two things will help you generate more income and not make you incur expenses.
To answer the other questions, Mark says that there is a difference between playing business and actually doing business. Do the hard stuff first before you do the fun stuff. The hard stuff consists of getting educated, learning your market making offers, closing on deals, marketing those deals, and generating income. For now, Mark advises you not to have a website yet because all you have to do is go to places where people are already looking for real estate.
After doing all of these, you can now do the ancillary stuff like having your business cards made, building a website, talking to your lawyer and your CPA, and deciding on what type of corporation will best suit your needs. These don’t have to be done from Day 1.
If you have any questions, or if you want additional information, contact us at theLandGeek.com. You can download for free the Passive Income Blueprint, you our ebook, How to Avoid the Three Fatal Land Buying Mistakes and you can always get the Best Passive Income Model Podcast delivered each week to your email inbox.