"Run Your Own Corporation" by Garret Sutton, Esq.

"Run Your Own Corporation" is from the Rich Dad Advisor series. I have always found these books to be useful, detailed, and very specific. Sutton goes over business deductions, government audits, paperwork required to maintain a LLC, personal liability projections, and how to avoid threats to the piercing of the corporate veil.

 

Like his other books, this one was great, but there was just to much information to retain much. I will probably just end up hiring him to handle the LLCs for my investments since handling them myself seems foolish. I noticed his website (CorporateDirect..com) is now being promoted by Think Realty Magazine. Obviously they are targeting the real estate investor market.

 

Biggest Takeaway: LLC origin location is critical. The best state is Wyoming (or Nevada) and the worst is California. If you have property in California very specific steps must be taken in order to try to protect that property and a professional should be hired.

Comments

Post a Comment

Popular posts from this blog

Charles J Mosely Jr on Real Estate

Some People Consider Real Estate Investing Similar to Buying a Boat When you get right down to it, buying a non-performing mortgage is like buying a boat; the two happiest days are the day you buy it, and the day you sell it! Investing in a non-performing mortgage note (NPN-NPL), and cashing out for a profit, are my two happiest days as a note investor. A non-performing note is basically a mortgage where the borrower has stopped paying which means you can buy it at a discount. You have heard the old saying in real estate, the profit is made when you buy. How true that is, especially in the note world! We have found that you have to take into account all the costs you will run into from the day you buy it, until the day you sell it, and use that to make sure you are not overpaying. If not, you can lose money; sometimes a lot, sometimes all of it. While there are some warm and fuzzy feelings experienced when you own the boat, like taking it out on the water for the first time, you are go...
Read more

What Every Real Estate Investor Needs to Know About Cash Flow

"What Every Real Estate Investor Needs to Know About Cash Flow" By Frank Gallinelli   Frank Gallineli's book "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures" is highly technical, but very interesting. I found it helped me by explaining the math behind the deals in plain English.   The book is divided into two parts. The first part covers the basics of real estate investing and an introduction to the concepts that need to be understood. The second part covers individual calculations such as compound interest, cash-on-cash return, and internal rate of return. It is best kept as a reference, so my notes are limited:   How to make money in Real Estate: * Cash Flow - also called "net spendable cash", this is the left over money each month after all of your bills are paid. * Appreciation - the growth in the value of the property over time. * Loan Amortizat...
Read more

Financial Freedom with Real Estate Investing

Image
Financial Freedom with Real Estate Investing: The Blueprint To Quitting Your Job With Real Estate - Even Without Experience Or Cash by Michael Blank is both a ‘how to’ and a bracing bit of financial self-help.   Michael Blank, according to his bio and the book’s introduction, is an ex programmer, would-be restauranteur and a seasoned investor who’s lived both near catastrophic failure and phenomenal success. He sets out a strong case that for those looking to retire from their jobs and live on passive income from their property, multi-family apartment blocks provide the most time and cost-efficient solution, relative to flipping single-family homes. Blank then both guides and cheerleads the potential novice property investor through his three-stage process: 1. raising the funds for that all-important first deal, without relying on personal savings, 2: How to interact with brokers as a serious buyer and build the right team of advisors or coaches, 3. Rapid analysis of pote...
Read more