Start your business
- Linda Harley
- Feb 9, 2022
- 3 min read
It is interesting that when one starts off on this journey towards creating your first business every decision you make seems to be a life or death situation in your mind. But in reality the only reason it seem so ginormous to you is because well you’re entering uncharted territory, and it is kind of scary, and FEAR can stop you from making any decision at all.
As I set off on my journey to create a real estate investment business I made many mistakes, but at the time I thought I was making the right decisions. In life we simply don’t know what we don’t know until we know it. So don’t beat yourself up, just make the decision and then go with it, you can also correct later.
Done is the new perfect.
Now by no means am I a lawyer, insurance agent or a tax consultant. So this is my disclaimer, you need to check with these licensed individuals for some the decisions you need to make. They will be able to counsel you best on your situation.
What I can tell you is about what my experience is and what has worked for me.
The first thing you need to realize is that running a rental property is NOT a hobby. By that I mean, that you can’t only work on it whenever you feel like it or when creativity sparks. You need to treat this like a real business, and pay yourself as if this is a real business. If you don’t treat this as a business, you’ll through in the towel before you’ve ever really had a chance to start. So don’t sell yourself short.
To open up a business there are a few simple steps that you need to follow.
Choose a state in which to form your business.
Decide whether you are forming an LLC or and S-corp (your tax consultant will be able to advise you).
Choose a registered agent that can file the paperwork for you.
Prepare an operating agreement with the assistance of a lawyer.
File the LLC or Scorp in your state.
Obtain an EIN number, which is essential your SSN for the business for tax purposes.
Open a bank account with the EIN number.
Then register to do business in other states as needed.
Straight forward and simple. I do know of people that have done this entire process by themselves, but it took weeks to accomplish, when they could have had it done in days for only a couple of hundred dollars. Ask yourself can your business wait 3 months for you to get all of this done? Remember in real estate, time is money.
In today’s class for the Launch Your First Airbnb Challenge I’m going to spend time walking everyone through what needs to be done to get your property setup as a business, we’ll look at accounting, and hiring employees vs contractors, what type of insurance to get, what taxes you’ll run into and how to finance your business.
I know some of you are eager to get started, but right now we’re in beta version as I’m finalizing all of the content and getting things ready for you.
I will be OFFICIALLY launching the Launch Your First Airbnb Challenge on April 4, 2022. You do not want to miss out on this opportunity! I will only be accepting 100 students and helping them to launch their Airbnb’s.
To reserve your SPOT click on the link. The cost is $7 because I am only looking for students who are serious about launching their Airbnb. I look forward to seeing you there!
Too da loo
Linda
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