I have some beginner questions for my REI work.
I already have an agreement as an Independent Contractor with Century 21 once I'm finished with getting my license, aside from that I'd also like to begin to actually start investing in Real Estate myself. My goal is a Tri-plex in the next 8 months. I have 2 questions that I would really appreciate some guidance on.
1. I know there are a lot of benefits to opening a business, and that I have a 2-year window before making any actual earnings that I can still get the benefits of write-offs (vehicle, office, repairs, etc.). I'm just confused as to what the best business route is, in 'Rich Dad, Poor Dad' Robert Kiyosaki preaches the benefits of having a corporation, but I guess I don't really understand the benefits of LLC, Sole, and Corp in regards to Real Estate, any guidance in laymen terms would be really appreciated.
2. While watching some really good finance seminars, one of the speakers covered using your vehicle as a write off in real estate, and how he pretty much covers his payment and insurance in just write-offs from his car. He touched on how when he takes road trips with his family he looks into some investment opportunities in the area so he can use that mileage as a write-off, and how most drives you make present the opportunity to be written off. Does anyone have any details on this, or experience with this? Any information is greatly appreciated. What other things do you as a REI, or Real Estate Agent write off on a weekly basis?