What phone systems do you need as a beginner real estate investor

Chapter 8: Step 7 Set Up your phone system Time: 2 hours, day 2. Set up a professional phone system that will help serve you and protect you in case of trails and help make your evictions run smoothly.  You want to have a main mailbox for your communications that you can respond to quickly.  Google voice is a good free option, but I recommend PBNext.  In addition to your business voice mailbox, you will want to have another line for maintenance calls that always goes to a recording.  Make sure that you call people right back after they leave...

read more

What bank accounts are important for my real estate investment company

Chapter 7: Step 6 Go to the bank Open up Business accounts. Time: 2 hours, day 2 (Note, that in some states you may have to wait a while to get the verification of your entity from the state so you may have to wait for that, if so, move on to the next steps and do this as soon as you can). Find a nice bank that gives free business accounts and has branches that are accessible to tenants and contractors in the areas that you are investing in.  Ask for free online billpay and free online account management.  In most cases both of these are...

read more

First steps for getting bankable is to know your report and fico

Chapter 6: Step 5 Go to myfico.com and pull your credit reports/scores. Time: 15 min, day 2 Go to myfico.com and credit report. You need to know what is on your credit report and what your real FICO score is.  After you finish the quick start guide, and set up your business plan, marketing plan and initiate business, we want to get right into improving your credit score!  Don’t waist any time on this now, just get them, look over them quickly for inaccuracies and later we will talk more about credit repair and optimization.  Action steps: Go...

read more

How to get an EIN for your investment company

Chapter 5: Step 4 Go to the IRS and get a EIN for each LLC (or Entity) that you have.   Time: 20 min, day 2. This process is very simple.  Just go to the IRS.gov website and fill out the form for your own EIN.  It takes about 15 minutes.  At the end, make sure that you PRINT OFF YOUR LETTER.  Save it to file, print it and keep it because it has your EIN and proof there of.  Banks will want to see this letter when you go to open business checking accounts.   Link: Apply for an Employer Identification Number (EIN) Online   They...

read more

What is an operating agreement for a real estate investor

Chapter 4: Step 3: Set up your operating agreement Time: 4 hours, Day 2.   What is an operating agreement for a real estate investor? An operating agreement is simply that rules that you set up for your investment company.  They are your rules and you get to make them.  There is a lot of power in that, so read more about how to set up a good one. The goal of this step is to make it so that when you have disagreements later, you know how to resolve them.  If you are really lucky and good here, then you may even avoid many of the common...

read more