What Have I Done To Date
Hello All,
To start in this business I needed to have a mentor, and start a company that builds recognition in the community. My mentors are many now, most notably Napoleon Hill (the book written by him "Think and Grow Rich"). One mentor is already a successful property investor. Another mentor is a group of property investors that produce seminars. This community will be a place I hope to generate mentors, and maybe mentor other start-ups.
Important to start-up companies is building a brand, and that begins with a company name, logo, phone number (still not done), business cards, stationary and other marketing tools. We have registered our company as a Member LLC called "Buy The Sea Property LLC". I do need to decide soon and take action on that decision to register as an S Corporation or not. You can read about the benefits of an S Corporation online, and maybe I will post my findings in a future blog.
The LLC members are learning also. We have 7 members, of which 4 will likely be most active in various aspects of the business. I am sharing my learning with them. My Wife is the President of the LLC (don't laugh) and is researching daily how to find properties, so that when we are ready to evaluate properties we will have some idea how to. The seminars I have taken give Wholesale, Rehab process as an overview, and I am constantly improving that process knowledge - but learn that the more I learn the more there is to learn... my life's story.
We have a professional Logo being designed now, and should be through our "Identity Crisis" soon. Then we can get our web site built, with our logo, and pages for cash buyers, home sellers, etc.
Just a hanging last thought, that will be discussed in future blogs, my thought on charities (without discussing choices right now) is to give between 5 and 10 percent of our profits into a charity trust that will grow and be one of our legacies. Our primary LLC can have members and my thought is that because a member can be another entity, we will make the Charity Entity a member of our LLC.
Comments (5)
Hi All on BP,
Today my daughter and I watched the webinar by Brandon Turner here on Bigger Pockets, "How to Attract Private Money To Fund Your Real Estate Deals Confirmation". Brandon is an energetic investor with a lot of great information on how to work with money lenders. I had planned to 'go Pro' anyway, but this gave me a vote for Brandon and what he is doing here for Bigger Pockets, so I went pro.
You will now find my family's business, Buy The Sea Property LLC, in the business directory, as Brandon made a very good case for all of the features offered, this being one.
Aside from this, we still have our offer in on a place we call the Graffiti Grotto. The property owner, bank, has finally understood that the property is highly distressed as a direct result of our offer. I believe that I overstated the repairs, and other offers were submitted. We were offered a chance to increase our offer but stood our price. We should find out in a week or so.
I really liked Brandon's use of the 5 C's, especially the Convenience explanation about having links to the various supporting documents. That gives me some ideas to keep it simple, yet present a summary with Clarity. Now, I can see all the replays, and intend to learn as much as I can here, network as much as possible here, and maybe even do some deals.
Look for my Daughter Jennifer here also, she is the VP for our Company, and is learning the business real fast. My Granddaughter is doing the same thing, each with their own perspective on the business, and their unique talents. This helps to round out our business with my Wife's talent as a designer and President of our Company.
Always Persist,
Skip
Skip MacKenna, about 9 years ago
The past month like the first couple has been a fast ride. During this time I attended 6 days of training in Marketing, Wholesaling, and a lot of small topics. My local REIA is awesome too.
My family has stepped up to the plate and is now quite active in helping the company we formed. We have analyzed 2 deals, and have begun making offers. After the result of the one I am waiting for, I will post a few things here, and in my WordPress site. Here I want to talk about the family, and enlisting their support. What works, how our dynamics are working is a result of allowing each to contribute in their own way and recognizing that contribution. Also, I will post some pictures once the current offer is accepted or rejected. This is just a teaser, and placeholder. Never Quit, Always Persist.
Skip MacKenna, about 9 years ago
Every week working on the new business brings me closer to getting the leads flowing. My marketing efforts are beginning to show. I have 5 websites, with 1 core website, one support website, and 3 squeeze pages.
Using Yext.com, my business is listed on all the major search engines with a consistent appearance. If you have ever tried to do the search engine listings yourself, each one takes a significant amount of time. Manta.com, is not associated with Yext.com so I do that one myself, and it takes a long time.
Facebook, Twitter and Pinterest all take time to build followers and make posts. A tip here is to post on Pinterest first, linked to Twitter, which is then linked to Facebook. Be sure to start a Facebook page. You can advertise on both Twitter and Facebook - if you have the budget. I am waiting on those until after a couple deals are made.
Using the CRM internet tool Realeflow.com for my back office, we launched 2 marketing campaigns from lists of cash buyers that can be found with this tool, and lists of properties in 2 distressed categories. Our funding for business startup costs come from a 401k loan to ourselves.
We are going to a week long seminar in Dallas, so had a lot of business cards printed up. We will also be putting this in peoples hands locally in Myrtle Beach as we attend Chamber of Commerce meetings, and other local business meetings. We registered with the Better Business Bureau this week also. Still have not cracked the D&B dilemma, needing a home address different from the business address. We also have not yet opened the Business bank account, but that is for the next week and another post - looking at bank attributes and making a decision.
Skip MacKenna, about 9 years ago
Hi @Ned Carey ,
Thanks for the good advice. I am looking for deals in the area now. There are still many parts in the process I do not understand. Putting a property under contract for assignment, what the contract looks like, and the list goes on. But I will not let that stop me. I will be looking to fill in the process gaps while looking for my first deal. Your advice is a motivator for sure. Thanks.
Skip MacKenna, about 9 years ago
Skip, Welcome. You'll find plenty of info here to help you on your journey. Don't worry so much about your branding in the beginning. Your business may evolve as you learn and experience more. The most important thing is to get some deals under you belt.
Ned Carey, about 9 years ago