All Forum Posts by: Philippe Benhamou

@Raul R. I definitely plan on meeting with a real estate attorney soon to discuss options. So starting you think getting a personal loan or private money?

Thanks for the heads up guys! @Account Closed I did not realize that a LLC would have to show income to get loans. I am still learning this as I read, so maybe your right in saying I don't have the confidence yet. I think for me that will come in get the first couple properties under my belt.

What's up guys!

As a new investor I was wondering if forming an entity is the way to go? 

I am just starting this business as a Buy & Hold Investor, and I have always belived that business and personal financials should never mix. I wouldn't want to have my personal name tied to many loan debts as I am afraid it would interfere with my personal "financials". On the other had, I hear people say that having this debt to leverage deals tied to you personally allows you to get great deductions from taxes.

Any thoughts or explinations of what the best system is would appreciated!

Justin,

That sounds good, but instead of an extra job by the hour would you suggest wholesaling instead? Or being a “deal hunter” for someobe so I can get experience at the same time?

Thanks for encouragement!

Thomas,

That’s for your reply! My family currently rents and we already live a more frugal life style. Hardly eat out, no cable, drive old paid for cars, etc. The most I am able to save is maybe 10k a year. Putting this extra into a 401k at this point seams like a slow death to the end. To have 10million in 20 yrs, I feel like I need to go high risk I reward. But I don’t know, maybe I should try doing 4 house flips this year and make at least 15-20k on each deal. Then take that profit and by my first property or start doing bigger flips. I am really seeking  to use the little I have now as leverage for the next thing to use leverage for.

Hey Justin,

Thanks for your reply! I am currently selling workers comp Insurance for a local payroll company. As far as my investment goals, I want to generate more than enough cash flow so I can eventually quit my job and have my own business. By the time I am 60, I would like to have 10million in income generating assets so that I can retire very comfortably in order to greatly bless others and have something that I can pass to my kids and will continue to grow.

I’m really not sure if that means to start flipping or wholesaling or buy and hold or even notes. I have been reading to start with one thing and get good at that thing. Problem is at my age I don’t have much time so I don’t know where to start???

Hey guys!

So I hear experienced investors talk on the podcast about where they think people should begin depending on their age and amount of money they have.

I would like expert investors opinion in my own scenario. Here is the profile:

40yrs old

Savings 7k

No 401K or any other investments

Houshold Income- 50k

Married w/ 3 kids

Day 1 Investor

Thanks a bunch!