New real estate investors often wait too long to set up a formal business entity. Doing it from the start gives you personal protection, tax advantages, and saves you from expensive restructuring later.
I think one of the many mistakes is they think they don't need you right now, right? Oh, I don't need them yet. I'll do that later. So, what does a person getting started do?
I love this question. We get asked this quite a bit. The first thing I'll say to that is, this is your business. This is your opportunity, right? And what's more important than anything is feeling comfortable with the decisions that you're making, being the business owner, right? But if we look at the other side of that, When you're committed and you have the intent to being a real estate investor, setting yourself up properly from the very beginning is a no-brainer, right? Give yourself protection, tax benefits, show yourself as a business. It's a lot easier to set things up properly from the beginning than it is to go back years down the road and have to redo everything from there.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
