All Forum Posts by: Calvin Schmeling

I am currently in the education stage of my real estate journey and eventually want to make the transition of doing it full-time. I have read multiple books on overview of real estate, corporate/LLC structures, property management, etc. and now I want to take that next step into the action stage. My biggest takeaway from the books I read and investors I have talked to is having the right team around me and not overloading where I don't need to overload. In your first property did you do it all by yourself and formed a team as you went along such as a good CPA/tax advisor, attorney, bookkeeper, etc? For my first couple deals I would like to go into low money to no money down creative deals and not go through a traditional lender. What is your advice for me before I start jumping into things?

Another thing is having a single-member LLC be a member of another LLC with me and my partner, the money would flow to my single-member and flow right through onto my personal income and I wouldn't file a tax return for the LLC. I heard that its a much higher chance for an IRS audit for a disregarded entity. I know there are loopholes to having another entity and myself be members and then I can have it taxed as a partnership which the LLC files a return. What do you think the best option to go is. Because I wouldn't want my holding LLC as a disregarded entity.

I have a good understanding of having each llc under a holding llc. But I plan on doing a few deals with my cousin to start off but I don't know if I would partner with him on every deal the rest of my life. Would we both create an umbrella llc, and then for each property have an llc and that llc is managed by both of our holding LLCs?

I'm really interested in learning how can I make cash flow at my age. Where do I start? Where do I put my money? I know the obvious answer is myself but the more complex question is how do I put it into myself and how do I use my money to make more money? 

I have aspirations of becoming financially independent. I am currently 18 years old with little to no money to my name. I am curious about how to get started with my journey. Entrepreneur tips, real estate tips, I'm open to anything!