What is my first step?

Question

Hello investors! I'm needing a little help to push me towards my first wholesale deal. I have the motivation and I have the money. But just not enough knowledge to make the first step. When I say I have the money, Ive been blessed with a Dad who is fronting my investment money. No banks or hard money lenders needed at this point. But I keep getting stock on the whole mentality that I need to have a business name, business cards, and website first. I want to be prepared.

What is your opinion on this? Am I premature in wanting to pick a business name and making business cards? If not, than how do I go about actually forming a business name?

What is your opinion on this?  Am I premature in wanting to pick a business name and making business cards?  If not, than how do I go about actually forming a business name?

Jeiby V. · Answer

Hey @Kyle Grimm

Welcome to BP! Just like you i'm also starting but the difference is I don't have pops giving me money to start I'm using my job income to produce results, that being said it's seems like your all over the place if i where you i would go to the learning tab and read the beginners guide to real estate then decide on which niche you want to focus on and then develop an  appropriate action plan taking steps to get you where you wish to be. I still don't have business cards, LLC and all that crazy stuff I just want to do a deal!

I am talking to homeowners looking to do my first deal though and knock on wood I should have a property under contract soon. Real Estate is not for everyone! it's a lot of work especially dealing directly with homeowners but I do it and deal with it because i love the industry and love the hustle of negotiating and running around and helping those in dire situations.  hope this helps

Todd Heitner · Answer

I agree with some of the comments here.  Don't get bogged down in the details before you even start.  I've seen investors get hung up on picking a business name or domain name for months and never do a deal.

That being said, it doesn't hurt to come up with a name to use as long as you don't spend too much time on it.  You can get a small order of cheap business cards to start out.  You could set up a free website (or low cost) if you feel you'll need help with credibility (just be sure it looks professional).

If you can get some things set up that give you more confidence and you're not spending too much on them, I'd say go for it.  Just don't go crazy with the expenses before you do your first deal.

Kevin Hurney · Answer

Have you read this?

Curt Davis · Answer

@Kyle Grimm

Usually when people say they want to wholesale they are saying they want to basically find a property and flip or assign the contract to another buyer and use little or no money in doing this.  You sound like you are wanting to find a property, fix it up and then sell it.  Is this the case? If so I would not really call that wholesaling.

If your also feeling like you need business cards, website and business name that is also seems like you want to offer renovated homes on your website too.

If you are looking to just do wholesaling then you might not need everything else but if your wanting to fix up homes and then resell them on your website similar to what turnkey companies do then you will want to get fully set up.

Give a little more info and we might be able to give you some better advice.

Good luck

Jeremy Tillotson · Answer

@Kyle Grimm focus on your first deal to see if this is really for you, if so take that profit to do an llc and all. Why form a business to have no product, just my .02 Let me know if I can help.