You’re passionate about your real estate investing , whether that’s flipping or landlording. And maybe you’ve started to make a little money selling these house or cash flowing from rents. So when should you take your real estate investing to the next level and build a real business?
Here are five signs that it’s time to take your real estate investing up a notch.
Now That You’re Geared Up, How to Prep Your New Business
Making the mental shift to turn your real estate investing into a business is the first step. Now you’ve got more work to do!
Here are five signs that it’s time to take your real estate investing up a notch.
- You’re Super Busy Doing Deals
- You’re Making More with Your Real Estate Investing Than Your Job
- You’re Investing a Significant Amount on Your Real Estate Investing
- You’ve Got the Right Mindset
Now That You’re Geared Up, How to Prep Your New Business
Making the mental shift to turn your real estate investing into a business is the first step. Now you’ve got more work to do!
- First, search to see if anyone’s using the name you want. If it’s available, file a DBA under that name.
- Next, choose your business structure. The S Corp is popular for small business owners.
- Then, register for a Federal Tax ID number. It’s free!
- After that, open a business checking account. This will keep your finances separate.
- Next, apply for any business licenses you’ll need. Check with your city and state to find out what’s required.
- Then, create your business plan. Include how you’ll market your business and what you’ll spend to launch it.