PMBP Quick Start Call #1
Posted by Trevor
Filed under Bonus Modules
Get ready to be motivated and get moving!
To view the video, simply click the play button below and get ready to take lots of notes.
For just the audio, scroll down past the player and either click Play to listen on your computer or download to your mp3 player.
For purposes of speaking my mind and sharing what I am thinking. I wish this first call had offered more case scenaros for the student that is very little knowledgeable about in what order should the student who don’t have a clue about what is the first thing he/she shold start doing (e.g. I have no investor, no buyer, no business website, no name or type of businesss to open, no start up money but $1.96 left in the checking account) and the only thing he has is some cd’s, manuals, and a full membership access to a website full of resources available that I have no idea which one start using first and the next one to follow. Don’t get me wrong, I am overwhelmend with the amount of resources, support and information availalbe to me. I am sure everything I need is right in here. My frustration comes from so much to do but wasting too much time on things I don’t know should be done after first doing A-B-C to follow until X-Y-Z.. Perhaps I shold start by asking the correct question and come up with a check list in the order of things I need to do first in order to reach the next coming issue. I guess I need it to blow some steam off this frustration in order to answer my own question. For those of you reading this comment, since it had to do with speaking your mind, not to let frustration take you off your goal. Because if you enrolled in here is because obviously you want to take advantage of the currenct market situation (a buyer’s market) or perhaps you lost your JOB and need some other way of making ends meet or simply put you can use some extra cash during your spare time. Either way you put it, this is about the best deal I have came across for my situation. Not to mention that i am also enrolled in another program dealing with tax sales. I wish I had came acc ross this opportunity here for such a small amount of investment in educating myself before I threw my money away on the other programs. You reader take my word when I tell you, I am going to get this down to my senses. And when I do, you best believe I am going to EXPLORE IT to the fullest. Meaning there’s going to be a ‘To Be Continued” part even after reaching the goals written today. I am not sure whether Patrick or Trevor ones said in a recent video I saw something to the effect of “if you feeling uncomfortable” or something to that effect it means you doing something right and growing or learning. I can’t recall the exact words but I do know he meant exactly how I am feeling today. This itself is an accomplishment today. Tomorrow might be something else. Well, I believe I did what I came in here to do. I am also open to suggestions. Any sarcasm I suggest you just don’t say anything for the sake of keeping our area non-sense free. Thanks for reading and the opportunity to express my mind.
I tired of all these boot camp home study courses out hear all promise the same thing. But these guys are different, they actually did something that nobody every did, that’s what made me join them, and believe in there courses the pmbp, it was when they showned me this website were you could actually seen in any state in the county court office were someone was serching different home owner deeds, and tracked them, and they said that’s probally a private investor. and nobody has ever done that before, and that’s why I believe in these guys patrick and trevor really no what there talking about, all we got do is listen to these guys because they’ve done it.They no the in’s and out’s of the business of realesate buying and selling. I want this to be my career, and make this my bread and butter, and take care of my beautiful wife, and reach my goals buy our first house and car and continue to educate myself, and who knows my wife might want to do some deals has well I’m hoping and praying to God that everything works out the good and a blessing and in his will and purpose. Thanks for reading and the opportunity to express my mind!
After listening to M`s sindoti. we need know how to set a entity to get started.
So what i am hearing is that before i get started I will need to put out a lot of money for attorney fees
Hey Bobbie,
Thanks for the comment!
I’m assuming you’re talking about the SEC attorney interview… correct? Well… the answer to that is that NO you don’t NEED to set up an entity to get started. When I bought my first apartment building I didn’t have a company set up… so it’s not a 100% necessity.
And… on your second point… nope… you don’t need to fork out a lot of money for attorney fees either. Here in Oregon (most states are similar) it costs $50 to set up an LLC and takes about 30 minutes (I’ve set all of mine up myself).
So, the short answer to your question is that if creating an entity is your stumbling block right now… you absolutely DON’T need it right now… and it doesn’t cost a lot of money (may be a couple hundred bucks if you want to pay someone else to set it up for you).
Now… with that said… I guess you need to ask yourself if you’re serious about growing a real estate investing business and getting a lot of private money to do so. If the answer is yes… wouldn’t you want to set up a legitimate company, treat it like a legitimate business, and make the commitment to set up a proper business? If you’re expecting for your real estate investing business to provide for your family and to make you a great living every year… it’s 100% worth it to spend a few hundred bucks to have a company set up that you can operate under and to do it right.
More than anything, I think it’s a mindset thing that holds people back from wanting to set up a real company. A lot of people already are defeated in their subconscious and think they’ll fail… so they don’t think it’s necessary to make the effort to set up a business because they “know” it’ll fail anyway. In my opinion, just the act and commitment of setting up a business helps make that mindshift for you (it did for me anyway) that “ya, this is a legitimate business… I’m going to do really well… and I’m going to do what it takes to make this business successful”.
So… to sum things up:
1. Having a business entity is NOT required to get going
2. However, having a business entity will automatically help lend credibility to your business and give private lenders more confidence. And, in the long run… you really don’t want to operate your real estate business under your name forever anyway (for tax reasons)… so why not just get it taken care of right now
Thanks Bobbie! Let us know if you have any other questions anytime!
– Trevor
Hi Trevor…just to squelch misinformation..NY State is NOT just a $50 fee to set up an LLC. It’s a chunk of change and then you have to fulfill what they call a “publishing requirement” to get it up and running…
Hey Gail,
Thanks for the comment and the heads up!
Ya, Oregon where I’m at is $50 for an LLC… then $50/yr to renew. The fees per state are really all over the board. I guess what I was trying to get across is people shouldn’t let an LLC get in their way of taking action…. because they are really pretty darn easy to set up… even in New York. Thanks!
– Trevor