It’s been an exciting and sad few years…
There has been a change in the world as everyone is trying their best to adapt. Some lucky people are able to do their work at the comfort of home. While others work from their work place and others are away from work and are struggling to find a way they can stay afloat. Things are tense, to be honest. The chaos can affect plans and objectives. I am fortunate to continue to work, and even when some of my plans and goals were redesigned, and I’m continuing to work on these.
The last time I wrote, I discussed the ways that achieving your goals can be dull (see this article: Achieving Goals — The Method). The process of increasing your credit score is a job that just makes you feel good when you review it after a month and see that all of your credit accounts are reporting newly accumulated (hopefully smaller) balances. It’s not exciting, but essential. I’ve been working on this subject despite unexpected situations and costs.
While I was working on my credit score, a thrilling incident occurred: I managed to cross off two boxes from my investment plan today! I applied for the formation of an LLC. There are debates on whether you need to register or not, based on your circumstances. I’d like to begin by establishing a structure that is in line with my long-term goals. I would like my LLC to have several properties, and eventually be managed by a person, which will allow me to have time.
Before I filed my LLC, I did some research and scouting at what possibilities are available and which one would be the best for my requirements. I decided that an LLC within Wyoming was the right choice for what I’m planning. It’s more affordable to file in Wyoming than my state of residence, and doesn’t have to pay state income tax and certain legal benefits. I’m not advising anyone to declare a tax in Wyoming, regardless of the reason. I’m just letting you know what I’m doing when I execute my Real Estate Investment Plan (see above, where I discuss doing lots of studies… you’ll need to conduct your own research to determine what suits your requirements).
Another option I marked was requesting the loan. My credit score isn’t what I’d like it to be when I borrow, but I did find a decent offer that was in line with my credit score and chose to take it. I’ve completed the pre-qualification procedure and am now waiting for the final notification of approval (or the rejection).
My LLC is scheduled to be registered today, but I’ll need to wait around one week before receiving the EIN I’ll need to create an account for the company’s banks. When that happens, I’m hoping to receive the notification of funding and receive the loan funds within a few weeks from that point and later transfer into my business account to pay for the initial set-up costs as well as the down payment on my first house. The progress is going well! The next step is for me to “qualify” to do business in the state I’d like to purchase, which is fairly easy and a simple cost to pay. I’ll look into firms that manage properties in the region I’m looking to purchase, and after that I’ll be in touch with the agent to present an offer.
To summarize my investment strategy: Create an LLC to hold rentals outside the state, and run by a property management firm. That’s it. There are numerous ways I’m taking in order to bring my plan in place. My goal is to generate enough income from rental rentals to sustain my family and to give my children a wonderful life. I’m doing all I can to manage my finances correctly. Making sure I do my homework, talking to those who have experience to get guidance, and staying open to changes in the world and my plan requires adjusting. I’m not unique. My goal isn’t one that is unique. My goal is essentially the same thing that people describe as “the American dream.” Do your best, establish an enterprise, and develop the business in order to ensure a comfortable lifestyle for you and your loved ones. It’s not something I’ve accomplished, however, I did create plans to get there and am I executing the plan.
Anyone can make this happen, and that’s the reason I started this blog. If you’re here and are looking to make your own plan and path, I hope these posts can assist you. I started this blog to track my personal growth. I’d like to look back at later on and remember the place I started from. Even if I’ve had some mistakes and things are looking bleak, I’d like to review my past and be able to see the improvement I’ve made, so that I’m reminded to keep working. Thanks for taking the time to read and following the blog. I encourage you to read this blog to find out what’s ahead to me as well as my Real Estate Investment Strategy. Perhaps you’ll gain something from it or perhaps you’re developing your own strategy and are looking for ideas or perhaps you’re an experienced investor and looking to see what the newbies are doing. Whatever the case, thank you for taking the time to read and I look at updating you with more!
