One more time - Posted by Stacie

Posted by Stacie on August 29, 2001 at 15:24:15:


One more time - Posted by Stacie

Posted by Stacie on August 29, 2001 at 14:54:59:


I ask these questions earlier but didnt get the answer I was looking for. I’m not trying to run before I walk, I was just looking for a few answers they will come up later. While I’m searching for my first deal I still want to learn and see what others are doing. So please answer these questions and don’t treat me as if my questions should wait until I chalk one up. Thank you.

I would like to get into doing sandwich L/O to start off my REI career. I have little money and pretty much no credit.

  1. I know you get Incorporated to protect yourself but i also know that you need other types of business insurance. What kind of insurance to others have that do strictly L/O?

  2. How do I qualify a title company? meaning when looking for a company what questions should I ask to know if they are what I’m looking for.

  3. Should I have an RE attorney and a title company or just a RE attoney?

Thats for all advice!

Re: One more time - Posted by Anne-ND

Posted by Anne-ND on August 29, 2001 at 15:10:50:


Perhaps you’re not getting many answers because these subjects have been discussed ad nauseum on this site. Start by doing a search in the archives.

To briefly answer: Whether or not to incorporate will depend upon your situation and your state’s laws. Incorporation will cost money. Additional insurance: each property should be insured and you might want to consider an umbrella policy for your Inc. or LLP, if you go that route.

I’m not sure what you mean by “qualify” a title company. Get yourself a good RE attorney, and then do the closings where they suggest. Some states you don’t need a title company to close. Find out how things are done in your state, and that will help you to answer your question.

Definitely get a good RE attorney, don’t scrimp on this. I suggest you go to your local REI meeting and ask what attorneys others have used, and their experiences.

When you say you have “no credit” I take this to mean you do not have “bad credit”? Either way, start fixing this problem.

Consider buying a course to help you over these beginning questions.

good luck,