5 Things I Wish I Knew BEFORE Starting in Real Estate
ฝัง
- เผยแพร่เมื่อ 8 มิ.ย. 2022
- Here are 5 things I would have done differently when I started in real estate investing.
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❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a TH-cam video for entertainment purposes ONLY ❎
I can’t tell you how much WE all appreciate this info pace, thank you
Hey @jessegomez622 you made the comment a year ago that I'm responding to. How has the journey been?
Hey Pace I've just got home from driving about 500 miles overnight and I've been binging your videos.
Thank you for all the time, energy, and effort you put into making content.
A naked truth. Thanks, brother for your sincerity in sharing insights
Great points, thanks Pace!
Pace is great at promoting himself and his businesses and making it seem natural that’s a skill 💪🏾🔥🔥
9 9 o l .you
@@davidholguin9192huh?
Absolute gold, will rewatch this a few times to take notes. There's so many nuggets of gold in this short video.
thanks Pace, love your content and "go giver" attitude
Wow! This was an eye opening experience, watching this video!! I am a newbie who's just getting into real estate. Thank you for the guidance and direction!
Great video! Makes so much sense! 🎯
Thanks, Pace, so powerful!
Thanks Pace...you're AWESOME
I love it thanks
Love your sweatshirt dude
Great stuff! I was focused on seller's finance and wanted to learn more, but wasn't sure what strategies fit my own. This laid it out clearly for me! For any Canadians wanting to tap into the US market, take notes
Pace you have no idea how much I appreciate you. You're a flippin genius.
Appreciate you more!
As usual, I appreciate the info Pace. I appreciate the time you give. I’m getting my LLC next month!
Glad to help. You're welcome Charlie!
Completely relate to the education tip! I know I want in this business, but I have had too much irrelevant information for a complete beginner to try and digest. It’s almost made me quit. So far you are the highest quality person I found in this arena. Thank you!
I'm so intrigued and so impressed by you Pace, I too am impressed by your dedication and your Devotion to your craft the passion and the drive you have and helping others I to desire that and I want that too thanks for the information it's very valuable very helpful and in Utah the big Samoan
Love the confidence...know more than CPA s.
I love His honest approach. Learning from this! Thanks Pace
My pleasure!
@PaceMorby Hey Pace! I JUST GOT STARTED! I contacted PCS, set up my LLCs and am ready to join GATOR training this year. What do you know about Snowmass Village, Colorado?
Great information! Thanks for sharing your knowledge and experience.
Amy. You're welcome!
Another great video full of nuggets. Appreciate you, bro.
Appreciate you more brother!
Thanks broseph
I'm not an attorney or CPA.. I did take a business class in college so correct me if I'm wrong. In a nutshell LLC and S corp are hybrid structures and both are pass through entities on your taxes. LLC's are not corporations and have different requirements/structure from S corp which is a corporation. One major difference is that S corp has shareholders and can issue stock. In layman's terms a stock is part ownership in a corporation. Similar to when you invest in the stock market you are investing in part ownership. So if for example you wanted to incentivize your employees or vendors you could offer them stock options in your S corp but you couldn't do that with an LLC regardless of how you elect to file.
For the purposes of real estate you want an LLC.
For the purposes of asset protection S corp and LLC are similar.
For the purposes minimizing taxes, especially self employment taxes, you want to ELECT to file your LLC as an S corp.
Granted this was years ago that I took a business law class.
Wow, thanks Pace! I was literally planning to reach out to the 'Other Company' to set up all of my entities b/c I'm a huge fan of their channel... Thanks for the heads up !
Live a purpose driven life.
GREAT video
Thank you Mark!
Hope all is well, Blessing to you and yours. Newbie Here :) I appreciate how you conduct your business. I'm currently getting back interested into this niche and really going for it this time since I came upon you channel. Last yr I was planning on jumping into this, but, didn't like the idea of low balling the sellers. Couldn't see myself doing that. I use to be a Freelance Real Estate Agent few yrs back and I enjoyed helping people who really needed the help. You truly have really spark a fire under my A$$ . So Thank You :)
Before creating a couple LLCs I am thinking of trying out wholesaling first and see if I am able to acquire my first check. I need to prove to myself that it is something achievable for me who is inexperienced with and lacking confidence in building relationships (a key factor that is required to succeed in RE).
Because otherwise, if it doesn't work out for me, then paying the high LLC fee in CA would have been four naught and also I would have to look for a CPA to help me sort my income tax forms with the added business entity stuff I'd have to deal with.
goated video
interesting content Pace Morby. I shattered the thumbs up on your video. Maintain up the terrific work.
Dude u keep it tooooo real! TSMFS! This should be taught at University, but after 2 semesters no one would return.😄
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Damn you Pace! You said no less than five things in this video that I've been hung up on for the last 2 months. Time to get crackin'!
The LLC is definitely important. When I got into real estate I paid so much in personal taxes. Once I got my LLC taxes were cut in half. Thanks Pace.
💯 You're welcome William!
Setting up an LLC does not provide you any tax benefits whatsoever. It helps you asset protection only. I wonder what you were doing.
@@AleksandarPopivoda My CPA files my LLC as an S-Corp. "When an LLC elects S corp tax, it reduces self-employment and overall tax burden under the right circumstances." And yes, I agree, for protection of personal assets.
I’ve been thinking about the next real estate business to add to my portfolio and title company came to mind. I have rental, development and construction arms moving along
Do you mentor?
@@Theseymorecrew I have not set up a program yet. But a few folks have asked.
Are there any consequences to setting up an LLC immediately (while still learning) if there are no transactions processed through the LLC by the end of the year?
1. Company Structure: LLC/S-Corp
2. Learn No Money Strategies
3. Plan where to allocate your excess income mixed in with some woo woo nonsense.
4. Network
5. Educate yourself - Robert Kiyosaki got rich selling books and dreams spouting vague advice to gullible people, not by investing in real estate.
13:13 I do actually know where I would put 10k xD and it is a money plan. I get hit by the "you don't know" pace so much I just had to mention when I got it right for once 😅 thanks for all the content I'll hopefully be working with ya'll soon.
If anyone wanted to read the reply here. The plan right now would be to buy into the mentor ship then start an LLC. I'm still just starting on my journey so that answer would be easy. If you wanted my answer to somewhere to put 10k that would be making me money I would split it between dividend-paying stocks and bonds since that's the easiest cash flow I could buy right now if I needed to spend the money the instant you gave it to me.
Also he got me almost immediately after "needing more community" I only have like 4 people working in real estate that I know and have talked to about it. I only learned that I wanted to do real estate 6 months ago so I feel like I'm still on the learning path.
I will start getting super into the facebook community to start as soon as I've graduated college in December. And by into the community I mean I will bring a deal to someone in January at the latest even if I fail to do something right (which after about a year of reading and learning should hopefully not happen on my first deal but you never know)
Hi Pace, do you teach how to create Title Companies in the mentorship program?
I don’t teach this in the mentorship. But owning a title company would be ideal. Check out my interview with JB where I explain why. th-cam.com/video/DvLtmb9Ly80/w-d-xo.html
Non fan-boy question. How are you strategizing for the clear downturn? Are you thinking about the possibility of broad asset deflation that JPow is insisting is needed? Is buying at full retail w subto or sellerfi too risky when prices are falling and jobless claims likely to rocket higher? Thanks!
Will a lot of people become homeless? Securing affordable housing with section 8 is a good hedge
Do your own research. Figure out the difference between a LLC and a S Corp. there is a difference. PCS is just one of many cos that offer a multitude of services. Who knows if they’re competitive. But keep it simple at first. You will have enough on your plate with RE, but you def need somebody regarding implementing the best and most efficient tax avoidance plans, when you start to accumulate cash. And that’s a whole different ball game.
A LLC is not an IRS tax designation. A LLC can be either a sole prop, Subchapter S, or a C corp.
Thanks for sharing your insight, Steve!
@@PaceMorby 😂😂😂😂 I felt sarcasm from that Steve
I'm stuck!! Wanting to know where to go where to start. I want in on real estate but need guidance.
I totally get it. This guide might help you out. www.pacejmorby.com/overwhelm-guide
holy fucking resourceful 😛
Bruh @15:30 I legit died 😹 glad I wasn’t around my wife she woulda been like “what in the F” 😹
🤣
Lol
Been following a while, your high-level/low-level is backwards. High level is low detail. Like looking at the earth from a plane. Low level is high detail. Like being on the ground looking at specific flowers or trees. Hopefully you see this as a value-add constructive criticism.
What
@@lucasasselmeier7825 Where did I lose you?
What company that manages LLCs is he talking about... That has bad customer service
1:40
I used to listen to Dave Ramsey till I heard him tell someone to sell their cash flowing rental properties ASAP just because he didn’t own them free and clear.
that man is a clown
Absolutely incredible. Pace do you have a tax strategist that you work with. Please let me know how to pay you for guidance.
Miguel. Prime Corporate Services has an awesome tax services team that can help you with your business. Schedule a call with them here: www.primecorporateservices.com/abc
Got set up. I’m ready to start. Thank you so much for my first right step forward!!!!
I wish I watched Pace earlier.
i set up an LLC on my own, big mistake
Oh no, Ramsey.
Prime can help you fix that. Schedule a consultation call with them today at paceapproves.com/primeytc
Not once did he say prime isn’t paying him or he didn’t own it😂😂😂😂 people you can set it up your self it’s not hard
I’m the first like and comment on this video lol
Perhaps you’re worried about all the wrong things..
at least youre not 49 learning how to raise capitol
It's never too late bro.
This company isn't Anderson Advisors is it?
No thank god. There’s a difference between tax preparation and tax planning.
Well I know NOTHING about starting a “title company “ don’t even know where to even began 🙄 I perfer a partner just me sounds hard and not accomplishable 🫤