Starting Real Estat Journey

[Raheem Mcmillan]

My wife just recently passed the real estate exam. It has been a dream of ours to own rental properties. I am currently a full-term student, majoring in business management. I started a real estate business with the focus on educating others on the value of homeownership. I'm in the Bloomington-Indianapolis market. As of this moment. I'm building my credit so I can buy my first property. In the meantime, I've thought of creative ways to finance my business. That's wholesaling. Is there any advice you can give me. Im willing to learn and do the work.

[Austin Cheatham]

First off, congratulations to your wife on passing the real estate exam! It sounds like you both have a solid vision for your future in real estate, and it's great that you're taking proactive steps to build your credit and explore creative financing options like wholesaling.

As a real estate accountant, I work closely with investors who are just starting out, as well as seasoned pros. Having a solid financial foundation is key, and it's smart that you're focused on building your credit. In addition to that, here are a few pieces of advice that might help you on your journey:

1. Wholesaling as a Launchpad: Wholesaling can be a great way to generate capital and gain valuable experience in the market without the need for significant upfront investment. Just make sure you understand the legal and tax implications—having a solid contract and knowing how to navigate assignment fees is crucial.
2. Financial Planning and Tax Strategy: Since you're already in the process of building your credit, now's the perfect time to start thinking about your long-term tax strategy. As you grow your business, having a real estate accountant in your corner can help you maximize your deductions, ensure compliance, and plan for future investments. For example, understanding how to leverage the tax benefits of owning rental properties can significantly impact your bottom line.
3. Educational Focus: Your business focus on educating others about homeownership is not only commendable but also a strong marketing tool. As you build your brand, consider offering workshops or online content that also touches on the financial aspects of real estate, like credit building, tax planning, and investment strategies. This can set you apart and attract clients who are serious about making informed decisions.

If you ever need advice on the financial side of real estate, I’d be happy to chat. Building a strong team, including a knowledgeable accountant, can make all the difference as you move forward.

Best of luck on your journey—you're on the right track, and it’s clear you’re willing to put in the work to achieve your goals.