Today we talk about setting our business plan up to Wholesale To Millions. Our goal is that our students can learn the art of wholesaling using our strategy and technique. This will set the foundations to let us make a 6-figure income. The sky is the limit, so let’s get started!
There are a couple of things you must do to keep your wholesaling career running smoothly. Also, these basic steps will help you get protection against any bad scenario you may think of. Having an organization is key to protect your personal assets. Make sure you follow the next steps to build a shielded, champ business.
1. Set up LLC Entity
An LLC, or Limited Liability Corporation is the initial shield to protect you against any sue, claim or legal issue that may arise along the way. First you have legal protection, so you never take a deed in your name. This LLC becomes your “corporate umbrella” and your liability – assets at risk – is limited to what the LLC owns.
This is also a great tool for wholesaling on non-assignable. These legal claims could easily harm anyone with no veil. In your case, they will have to penetrate the corporate umbrella when they try to get you. Having and LLC will also help discourage needless lawsuits, as they can anticipate the results (in your favor).
Where do you get a legal LLC?
- Come up with a name and check for similar names or restrictions.
- You can hire a lawyer, a tax CPA, visit websites like legalzoom.com, or simply hire one of our professionals to get it done for you!
- Your state will have an LLC that has a filing fee. It is commonly around $400-$500.
- Then, get your EIN. This is like a Social Security number for your business. This is free, takes around 10 minutes to be done, and you can even it do from your phone.
- Open a business checking account.
- Get a team to help you keep it all legal: Get a bookkeeper, an accountant, a tax adviser, a CPA, an attorney, or this one handy person that can do it all for you in a few hours a month.
2. Set up DBA under LLC
Now you must make a presence. This starts by visiting your county court offices and get your DBA under the LLC. DBA, the acronym of Doing Business As, will allow you to perform business activities under your LLC name. it only costs $13 and will save you good money on taxes when you buy any supply for business activities.
You must select a DBA name that also works for your future domain. Make sure it is built with 3-4 words that are short and easy to remember, check some domains available, take them to court with you and select the one you can (not taken). Also ensure you invest in a reliable .com domain.
3. Set up your Website
Having a website will do two important things for your business. First, it will give you credibility. And mostly, it will help you generate leads. A good website will help you find candidates to cover the first layer in lead generation. Those leads you will then include in your email campaigns or contact and filter until getting your clients.
4. Set up Vanity Phone
A vanity phone number is a custom-made set of digits that either spell out a word or are memorable in some way. In this case, you want to make sure it is simple, and something related to buying homes. You can hire this service for as little as $10 a month. Any call directed to your vanity phone number will be redirected to any personal/office number you select.
This will allow people to remember your number and increase you lead generation tools. It also helps your business have a more professional look. In this trust game, where people get involved in one of the biggest transaction of their lives, you must do anything you can to gain you client’s trust.
5. Set up your brand
Start creating all your brand image. You need a logo for your social media, your website, your business cards, and everything. Use letters, images and even a professional picture of yourself. My recommendation to help you find a high-quality logo is opening a contest on freelancer platform. You will have tons of options to choose from. Make sure they show integrity, are clear and trust-worthy, describe well what you do.
After all this, you’ll be ready to go and start your professional path in real estate wholesale.