Do I need a Business Name and Website?

Question

I'm so excited about RE investing that I think I may have gotten ahead of myself.  I came up with what I thought was a great business name and just bought the domain name for it. Do I actually even need a business name?  Website? Special business email?  At this moment, my aspirations are to acquire 20-30 rental properties......  Did I go overboard?

Bryan L. · Answer

Short answer - no.  Long answer - a lot of newbies spend way too much time on "setting up their business" and stuff like that.  You're better off to be spending your time finding good deals and making offers (and learning).

Melissa Culpepper · Answer

I fit the "newbie" category as well and I, too, worried about whether I should get all professional looking on paper. Fortunately (it may have been) BP's online book called "Real Estate Rewind" that gave me permission to set my image creating aside for awhile and focus on the education and goal setting. Therefore I am not distracting myself with a website or exactly which business entity I will choose or even domain name purchases yet.

But now that I am attending local meetings and finding other networking opportunities, I did determine that I was in dire need of a business card. Even if it's not the same logo or design that I decide I want to use two years from now, the contact info will remain the same and it gives me something to exchange when I get into conversations with folks I want to stay in touch with. Fiverr.com is a decent resource for an inexpensive (well, flat out cheap) logo and card design. Many of the gigs are in other countries but, as opposed to totally outsourcing the design work I limited my designer selection to folks in the U.S. as that is one of my own priorities. Naturally keep in mind that when you're only (starting at) $5, you will only get what you pay for so I realize that my finished results will probably not be "up to snuff" as my business gets more polished and refined later. Nonetheless it's a small investment into my investing future that encourages me to keep lines of communication open without breaking the bank or over committing.

Emmanuel Wesley · Answer

That's really good advice! I'm a newbie as well but thought I'd chime in because I'm going to take that advice as well!

Silvia Durango · Answer

I'm with Brian on this one... I'm a newbie too and my short term goal is to replace my current income with Realestate investments , wholesaling and assignment fees. All else will fall into place but making money comes first... Don't ever forget the reason why you're getting into this business ..  Financial freedom for the most part has kept me moving ... Good luck and congrats !

Lynn Montang · Answer

@Sibbir Noman

Thanks for your reply!

Sibbir Noman · Answer

@Lynn Montang

Hi Lynn - You don't need a website to get started but it's a good idea to think about how you want to incorporate/structure your business so you can minimize your personal liability/risk from the rental.  Congrats on getting started!

Do I need a Business Name and Website?

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