All Forum Posts by: Nick Stango

thanks @James Wise nice pros, what are some cons if I don't have my license?

yes/no/pros/cons thanks, Nick

Thanks @James Wise would you mind giving me a little more to think about as far as the pros go, since there are no cons? :) Thanks, Nick Have a great day!

My wife and daughter are going to school to study for their RE license, Should I get mine too? I am a contractor and want to start flipping houses and I know getting licensed in RE will be a big help, but should I let my wife and daughter get theirs without me and stick to flipping or will it be a big help to have my license too. Keep in mind, my wife works full time at the local High School 7:20pm to 2:20pm M-F, my daughter is 25 years old and lives with us. I have my home improvements business and we all would love to transition into RE. Pros and Cons, Thank you in advance, and I hope everyone is doing well! Nick

@J Scott I've been checking out your website 123Flip.com's education and analyzing articles, good stuff!

Thanks @J Scott, when you put it that way it does sounds like good advise, and by the looks of your posts, votes and awards on BP, I'll make that another good reason to take your advise. Sometimes I get so frustrated and just want get started so bad, I feel like I'll do just about anything to get out of the rat race. My wife wants to sell our house because it's been a huge financial burden and it's holding us back from doing anything smart with our money like investing in Real Estate that makes money!

@Ilona Kovacs I just got off the phone with Rich Dad coaching, They talked to my wife and I for about 45 minutes about how they would provide us with our goals and dreams. He talked about making and keeping commitments 1) Personal Plan: Structure, system, reduce fear and confusion. 2) 1 on 1 help: walk through the process 3) Accountability: Make sure we are doing the things we need to do, use time effectively and efficiently. 4) No option for failure: Program is a one year minimum with a 1 deal promise, @J Scott if we don't get a deal done within that one year they will continue to work with us until we do and it has to be a money making deal. Then they had us right down the 4 commitments, 1) Begin today 2) time investment 3) Financial investment of $6,098.00 with 1/2 up front and 1/4 in 30 days and 1/4 in 60 days. 4) Don't give up! My wife said NO F###ING WAY!!! I was not surprised and wanted to go for it, even though I don't have the money right now. I though I'll get the money somehow and if they get me to do my first deal and I make money then it would be worth it. I also figured they would most likely save me $6,000 somewhere within the first deal one way or another, maybe by helping me avoid a tax mistake or something. In the past I thought of splitting my profits with a coach or mentor that helped me do my first deal anyway, which could cost much more or less then 6k depending on how the deal goes. I have been listening to every Rich Dad audio book I could find for the past month now and I feel like I have learned so much as I have here too at BP, you've been great!!! BP podcasts were the reasons I got on the Rich Dad kick in the first place but I'm still not 100% on spending 6k on coaching yet. I would like to see how @Matthew Ceryes makes out with the program first. If you could give us an update, that would be great, thanks.

Hey guys, thanks for the replies but I understand how an LLC protects me personally, what I meant to ask was, Is it more difficult to sell the property if it's held in a LLC, and also I was listening to one of the Rich Dad Poor Dad audio books and I heard something about, if your accountant tells you that you don't need a LLC, get another accountant. I do have a home with an umbrella insurance policy and I own a home improvements business with general liability insurance and inland marine coverage.

If I'm borrowing money from my brother's self directed IRA and paying back with interest for my first fix and flip, do I need to open a LLC or can I do it as a personal investment? My accountant told me I don't need to open a LLC and that it could be more difficult to sell the property from a LLC. He also told me to do a simple mortgage between me and my brother and that I don't need to report the deed if it's a flip. Does this sound like sound advise? He is a CPA, I've been using him for my home improvements business for over 17 years and in my opinion is very good at what he does. Thanks, Nick

Wholesaling is not the situation that you can just jump right into without knowing what you're doing first, there is a lot to learn and a lot to know before you can talk to a homeowner that need help, there are many different situations and lots of different options and solutions that can be offered. I would talk to a wholesaler in your area to see if maybe they can help you with one of your deals, and offer to split the profits with them.