Should I start out as a business? - Posted by Zach

Posted by Kevin IL on January 25, 2005 at 22:16:04:

Do some deals then worry about setting up a business entity. Zach, you know what to do, now go do it. Turn off the computer and go find a deal!

Should I start out as a business? - Posted by Zach

Posted by Zach on January 25, 2005 at 17:47:05:

I know this is probably the wrong forum to post this in, but I tried in mobile homes and nobody posted anything that remotely answered my question. I’m going to be buying mobile homes, and selling them with financing, “Lonnie Deals” if you know what I’m talking about. Later on after I have a good amount of capital built up I am going to buy lots and rent them with mobile homes that I finance.

My questions are…

I haven’t done a single deal yet, and am still shaky on the paperwork I need to use and if it should be changed to fit my state. Should I have a lawyer look over all the paperwork I think I will need? (these deals are really simple supposedly)

I’m only 20 and do not have a very high net worth, should I be worried about asset protection? I thought maybe I should begin on the right foot and have a company name and have it be a L.L.C. But honestly I don’t know how I should operate, even though I have read til my eyes practially fell out on here. I also read both of the books written by Lonnie Scruggs on doing these types of deal.

I am open to any advice that helps me with those questions or just leads me in the right direction.