I want financial freedom by the time I'm 21

[STR8UP]

A coupe of things to note about corporations:

-Make sure you have someone who knows what they are doing keep your corporate minutes and stuff up to date.

-Learn about the law regarding intermingling of personal and business stuff (finances, records, etc.). The courts can rule your corporate status VOID if you get into hot water and they can show that you didn't respect the corporate entity. In other words, you can lose your protection!

-Not necessarly specific to corporations, but make sure you get a professional (CPA) to set up and show you how to use a bookeeping system. If you are ever audited or want to sell or obtain financing for your business you better have clean books.

 

[Deucetre33]

Page it would be wise to start a C-Corporation especially if you are worried about being sued by some ******* trying to mess with your assets

going with a S-Corporation will be alot more riskier because if someone does sue you it will digg into your personal assets. posisbly taking your car,house, etc but if you have a C-Corporation it will only leak into your Companies assets. Also I'd recommend starting a Corporation in Deleware or Nevada both of those states provide many benefits in taxes for business owners. for more info on starting your own corporatio I'd suggest reading "Own your own Corporation" from the Rich dad series

 

[backbreaker]

Originally posted by Deucetre33
Page it would be wise to start a C-Corporation especially if you are worried about being sued by some ******* trying to mess with your assets

going with a S-Corporation will be alot more riskier because if someone does sue you it will digg into your personal assets. posisbly taking your car,house, etc but if you have a C-Corporation it will only leak into your Companies assets. Also I'd recommend starting a Corporation in Deleware or Nevada both of those states provide many benefits in taxes for business owners. for more info on starting your own corporatio I'd suggest reading "Own your own Corporation" from the Rich dad series

That's not true.

The only difference in between an C Corp and an S Corp, is the size of the company, and the tax advantages... However, it is still a Corporation, and all Corps, and LLC's are protected by the Corperate Vail of Protection... Unless someone can prove that you break that corperate vail of protection, and it's a merky line between breaking it (using the business bank account for your personal bank account, etc)

If you are a Mid sized to large company, with more than 30 stockholders, and any stockholders outside the US, a C Class is the way to go.

If you are small, and you have LESS than 30 stockholders, and no stockholders outside the US, an S Class is the way to go.


if say, you break the S Class Statute, you will get a letter in the mail saying your S class status has been revolked, and you will not be able to apply again for S Class for 4 years under that company.


Now, if you are worried about personal protection, don't go with an ownership or partnership, as then they can come after your personal assets.

That's why large compaines, like Enron, Tyco, when they get indidited, you never see them loose any of their personal property thatm ight have been gained doing their dirt...t hey are protected by the coperate vail of protection, meaning they were acting as an officer of the company, and not as an individual, therefore all of the personal belongings and amounted wealth cannot be touched by the goverment.

 

[backbreaker]

Originally posted by STR8UP
A coupe of things to note about corporations:

-Make sure you have someone who knows what they are doing keep your corporate minutes and stuff up to date.

-Learn about the law regarding intermingling of personal and business stuff (finances, records, etc.). The courts can rule your corporate status VOID if you get into hot water and they can show that you didn't respect the corporate entity. In other words, you can lose your protection!

-Not necessarly specific to corporations, but make sure you get a professional (CPA) to set up and show you how to use a bookeeping system. If you are ever audited or want to sell or obtain financing for your business you better have clean books.

Very, Very few compaines get audited... however it does happen... make sure you have clean books, if for anything, just becuase you want to have a clean company. I recommend getitng a copy of Quickbooks or PeachTree software, both are good and I used both at one point in time.

Mintues aren't hard to keep, just make sure you don't forget to do them. All you do is keep notes of what goes on in meetings.


OH>..


If you do create a corp, by law you must have at least an annual meeting, and a meeting at the beginning of the compaines conception to develop the compaines bylaws, or a SOP of how the company will operate... If anyone wants to see my compaines old bylaws, I have a copy of them on my PC, I will be happy to share them.

Make sure you give yourself a contract, just don't start w3orkign.. even if you aren't getting paid, you need to have a contract, stating your job duties, pay rate, and rather or not your job is renewable.

 

[Page]

Originally posted by backbreaker
Very, Very few compaines get audited... however it does happen... make sure you have clean books, if for anything, just becuase you want to have a clean company. I recommend getitng a copy of Quickbooks or PeachTree software, both are good and I used both at one point in time.

Mintues aren't hard to keep, just make sure you don't forget to do them. All you do is keep notes of what goes on in meetings.


OH>..


If you do create a corp, by law you must have at least an annual meeting, and a meeting at the beginning of the compaines conception to develop the compaines bylaws, or a SOP of how the company will operate... If anyone wants to see my compaines old bylaws, I have a copy of them on my PC, I will be happy to share them.

Make sure you give yourself a contract, just don't start w3orkign.. even if you aren't getting paid, you need to have a contract, stating your job duties, pay rate, and rather or not your job is renewable.

I'd love to see your bylaws. could you e-mail the list to me?

Pwizard[at symbol]gmail.com

I know that a corportation is designed to protect against litigation-related losses, but does it also protect me from divorce-related losses?

If I'm the only person in the corporation, how can I have an annual meeting with just myself, and why would I need minutes? Such a meeting would practically be a legal compliance issue, but nothing would actually happen.

I also want tax advantages, so is an S-corp the best thing for that?

I know that a corporation is by nature a separate legal entity, so I'm prepared to treat it that way. I'm going to have personal accounts and corporate accounts, and i'm going to keep them as separate as possible.

Basically, what I plan to do is to have everything remotely valuable (properties, cars, etc.) owned by the corporation, and in my bylaws I will state that I and only I am allowed full use of them at any time for any reason. The only things that I plan to hold in my name are fairly worthless consumer items (furniture, food, toilet paper, toothbrush, etc.)

Sound like a good plan?

 

[backbreaker]

Originally posted by Page
I'd love to see your bylaws. could you e-mail the list to me?

Pwizard[at symbol]gmail.com


If I'm the only person in the corporation, how can I have an annual meeting with just myself, and why would I need minutes? Such a meeting would practically be a legal compliance issue, but nothing would actually happen.

I know that a corporation is by nature a separate legal entity, so I'm prepared to treat it that way. I'm going to have personal accounts and corporate accounts, and i'm going to keep them as separate as possible.

Basically, what I plan to do is to have everything remotely valuable (properties, cars, etc.) owned by the corporation, and in my bylaws I will state that I and only I am allowed full use of them at any time for any reason. The only things that I plan to hold in my name are fairly worthless consumer items (furniture, food, toilet paper, toothbrush, etc.)

Sound like a good plan?

lol, I know it sounds dumb, but it's law. You have to have an annual "shareholder" meeting. If you are the only person that has shares of your company, then you are the only perosn that has to be there.

That sounds like a pretty good plan, but you wouldn't have to put that in the bylaws. As long as you are using the items (properties, cars, etc) for business purposes, they can be used by you. We had laptops that I used to take home all the time, I had a company car that I drove home, cell phones, etc.

 

[backbreaker]

Oh, I am reinstalling my oS today... one of my cousins got on my pc and now I have all kinds of spyware. Let me get done with that and then I will upload my bylaws

 

[sifer]

Originally posted by backbreaker
Oh, I am reinstalling my oS today... one of my cousins got on my pc and now I have all kinds of spyware. Let me get done with that and then I will upload my bylaws

Thought you said you use Linux?

I do too, so I know you shouldn't be getting any spywares/adwares.

 

[Page]

Field report

Okay, heres what happened with that 4-plex I told you guys about. I called the owner up and told her that I wanted to buy the property. she told me that it wasn't for sale, so so much for that idea.

In true DJ fashion, NEXT! I'm more fired up now after being rejected the first time, so I'm ready and willing to keep going.

I have yet another question: While I can find the owner of a property in public records, it doesn't provide their phone numbers for privacy reasons. I only got the phone number for this property b/c it was practically given to me on a sign out front. So my question is, where do I get the phone numbers for these properties if the public records won't provide them to me? How else could i get in touch with the owners?

Rus Whitney talks about great deals from the RTC as a result of the Savings and Loan crisis. His book was written some time ago (1995) and I'm curious as to whether the RTC is still offering great deals or if most of them have been sold already. Can I still find RTC listings in the newspaper?

 

[cave dweller]

RTC.........

Hey,

I believe all of that RTC mess was sold off years ago...

cave dweller

 

[STR8UP]

Re: Field report

Originally posted by Page
Okay, heres what happened with that 4-plex I told you guys about. I called the owner up and told her that I wanted to buy the property. she told me that it wasn't for sale, so so much for that idea.

That's when you say to her, "So what you are saying is that if I offered you (insert $$ amount that is well above actual value here) for it, the building STILL wouldn't be for sale?" You never know what you can actually pull off when you open someone up this way. You really have nothing to lose in this situation.

have yet another question: While I can find the owner of a property in public records, it doesn't provide their phone numbers for privacy reasons. I only got the phone number for this property b/c it was practically given to me on a sign out front. So my question is, where do I get the phone numbers for these properties if the public records won't provide them to me? How else could i get in touch with the owners?

It sounds like you are doing things the hard way. I would pick a neighborhood you are interested in (or even specific properties) and send the owner(s) a well crafted letter stating that you buy properties and are interested in speaking with them. You might have to spend some time addressing and stuffing envelopes until you get epstablished enough to afford a mailing service, but if you put enough out there and your message is good you WILL get calls. You have no obligation to buy, just talk to them. You will learn a lot. You could also do a flyer that you place directly on doors. Cheap and effective.

 

[cave dweller]

spoon

longwood,

Some people were born with a 'silver spoon'.

The rest of us must dig in, go to work and earn it.

Good luck.......

cave dweller

 

[Anomalous]

Damn look at how many views you got. YOU GOT FREEKIN 9 PAGES OF POST!!

Im only 16 and I can make over 200 bucks a day on the stock market. (My dad works with stocks all the time, so we know what were doing).

I only lost money once and that was from a careless mistake.

Its not that hard to understand, but DO NOT INVEST IF YOU ARE NOT 100 % SURE OF WHAT YOUR DOING!!!

I would suggest doing some analysis on the charts, looking for patterns. (READ SOME BOOKS ON IT)

A good book to get you started is called, "Sticky stock charts," its pretty simple, but this is for long term trading (mouths or years). ITS REALLY EASY TO READ THIS. IT ONLY TAKES 1 HOUR TO READ THE WHOLE BOOK.

I do day trading which is a little more complicated.

GOOD LUCK

 

[pimpfromdayone]

Yeah, I wish MY dad was a stock trader. At least you're taking advantage of the great opportunity given to you..... there are a lot of morons whose parents own companies and they won't even work for the family business because they're just complete a.) stoners and/or
b.) just plain lazy

Whyshy, 200 bucks/day is some pretty decent cash.... especially at your age, enough to make a living, but not rich....... but someday you could be rich if you got better and put in more money. I wish I knew how to play the market. I was thinking of using Scottrade for starting out, 7 bucks a trade, only $500 initial account balance needed, easy to use, but as I have said 1000 times already (and nobody here but cave dweller will get their head of their ass and stop dreaming) it takes money to make money. This is true for stocks, business, you name it. If you don't put a lot of money into the stocks, you might not even cover your $7 fee if you don't put at least $1000 into it (talking about daytrading mainly here). That is just how it is.

 

[sifer]

Originally posted by pimpfromdayone
(and nobody here but cave dweller will get their head of their ass and stop dreaming)

And you expect people not to defend themselves when you insult people even when you supposedly got your "end"?

I'm currently moving onto my fourth deal and I've made over $150,000 in real estate already. At the age of 18 and I can buy pretty much whatever I want even though I don't spend it.

How is owning a business and getting advice from STR8UP or backbreaker a dream? Or how is my advice on real estate a dream? cave dweller seems to be the only participant in giving advice about stocks, are you saying that we're all dreamers and ignorant (ie; "head of their ass") because we don't play stocks?

I might be misunderstanding but I just find it offensive when a person insults everyone and doesn't seem to find error or fault in himself.

Sometime when everyone is staring at you and you're screaming, "YOU'RE out of order! YOU'RE out of order! YOU'RE out of order!", you have to sit down and think, "are they really out of order? Or is it me?"

 

[STR8UP]

Originally posted by sifer
Sometime when everyone is staring at you and you're screaming, "YOU'RE out of order! YOU'RE out of order! YOU'RE out of order!", you have to sit down and think, "are they really out of order? Or is it me?"

I'm not going to respond to his abrasive comments, however I WILL comment on the "it takes money to make money' mentality AGAIN (not that it will do closed minds any good!)

Anyways...money makes it EASIER to make money, but it isn't required. You can deal with options. There are MANY ways to substitute cash for down payments. If the deal REQUIRES cash, it doesn't always have to be YOUR cash. I STILL use credit cards for real estate deals. I have investors willing to front me money.

CAN'T, CAN'T, CAN'T, BLAH, BLAH, BLAH. The only thing stoping you is YOU. Stop making excuses and get out there and learn how to get over obstacles. Better yet, keep it up. More for me and anyone else who chooses to go after it

 

[Page]

Originally posted by STR8UP
I have investors willing to front me money.

I'm interested in hearing more about this, b/c at this point, I can never have too many connections.

I was thinking about attending a Real Estate Club meeting next month (I missed this months meeting). The door price is pretty good--- $25 and a meal is included. Plus, there will be a speaker talking about cash at closing techniques. Hopefully there I can meet some people and start building some business connections (which may help me out on deals in the future).

I'm also interested in hearing about how you got started in Real estate investing.

 

[sifer]

Originally posted by Page
I'm also interested in hearing about how you got started in Real estate investing.

Most of us got started following one thing and only one thing.

Our heart. It's what lead us to our passion. At least for me. That's about as much as I can give you.

My wings will guide my dreams.

 

[pimpfromdayone]

Yeah, you're misunderstanding. I never said cash, I just said money, wherever you get it: investors, credit cards, loans, etc. Why is it everytime I say something you have to attack me for it? So what if I did say you should get your head out of your ass. You are trying to push the idea that you need no money whatsoever, but in fact you DO, so YOU'RE the one out of order. Do you have some psychological issues you need to take care of or what? I don't give a fu-ck what you say to me, and you should in return not give a fu-ck what I say to you. It makes me wonder how you make it business, but then again, the nicer the person, the worse they are at business usually, because the successful guys don't mind fu-cking everyone over for their own benefit. I actually am considering changing my major to business, but I don't know if I can handle being so full of shi-t all the time. You know, I was talking to the stock market guy in my last post and there it is especially true you need a lot of money, or else you'll spin your wheels and go nowhere, but YOU had to once again play Mr. Authority and tell me I am dead WRONG. I never have anyone screaming at me like that, but if you have, I won't hold it against you, just get yourself some help, and stop worrying about what I think. This is the dam-n internet. I have tried being nice, and I have been more mature than you can even dream of being, but now it is time I say fu-ck you and go on about my merry way. And by the way, anybody can do real estate, that takes no real talent, everyone and his brother are doing it, so don't feel special just because you have mastered the art of fu-cking people up the ass in real estate deals.

 

[cave dweller]

game.......

longwood,

There is some good money to be made in real estate.
You need to learn how to play the 'game'.

cave dweller