Mark J. Podolsky says new property investors don't need an LLC right away. Focus on making offers and getting deals first. Form an LLC later once you have income, since the recurring costs and limited liability protection aren't worth it at the start.
Hey, it's Mark Fedolski, the lane Geek.
With thelanegeek.com let's have another virtual cup of coffee together. I'm still sticking with that bulletproof coffee. I'm surprised I don't get more comments like, you're crazy. Why are you drinking that? I want to get some feedback. What do you guys think of the bulletproof coffee thing? Anyways, let me know.
Alright, so I'm getting this question a lot. People are investing in the investors toolkit. They're going through the programs and then the first thing they are asking me.
Is, is it critical that I set up an LLC right away to start buying property in the llc?
And the answer is absolutely not. I know a seller that's been doing this for 13, 14, 15 years. Everything's in his name personally. The benefits of having an LLC are.
There are some asset protection advantages, there are some tax advantages to it, but.
There'S also an expense to it. When you first get started, focus, don't get distracted. With logos and LLCs and having a pretty website. None of those things make you any money. You know what will make you money?
Sending out offers, Lowball offers. So that's what I want you to do.
Don't worry about your LLC until you've got some money coming in. Use that money, form an llc. It's not going to hurt anything.
There will be some advantages to it.
But there's also an expense to it.
And so you need to weigh that.
If you think that it's going to.
Help you protect your personal assets because you have an LLC. These LLCs are not foolproof. That is not going to help you.
I'm not an attorney, I'm not giving.
You legal advice, but I do know that an LLC is not going to be foolproof. So don't think that you can just form an LLC and not treat your customers well because you have this LLC and oh, no one's ever going to come after me. So it's not, you know, whether it's in your name personally or an llc, you still have to treat your customers well. You still have to give great customer service. If people don't like their land, give them a refund, that kind of thing. An LLC is not going to help you in any way, shape or form avoid any legal troubles in that manner.
So if you want more tips, tricks.
Techniques, go to www.thelandgeek.com and get the Passive Income Blueprint. Get the ebook how to Avoid the three Fatal Land Buying Mistakes. And of course, get the always informative podcast delivered each week to your email inbox. This is Mark Podolski, Land Geek. Thanks for having another virtual cup of coffee to get with me. Start making offers. Thanks.
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