1. Original Idea/Concept2. Saving up Money3. Research Developmental Areas4. Accept the risks
Since you already know What you want to do, you need to start working toward that goal. You will need to show investors or a bank that you are willing to risk your own money in order to prove that this is a good venture. So, you will need to invest your own money as well as a loan. Do the research. Find out how many units are currently empty. Why are those units empty? Will you realistically be able to maintain at least a 90% rental rate? How much competition is there in the rental market in your area? Are there any new properties being planned for your area that could compete with you in the next couple of years? Does the town or county offer tax incentives if you buy these units and try to bring in new residents? Will the town or county help you bring in new residents? If so, how? You need to answer alot of questions to make the sales pitch to a lender or investor. Answer their questions before they even know they had any questions.In the meantime, you need to establish your company. The first step is to figure out what form of company is appropriate for property management. Some are LLC s, LLP s or corporations. Corporations are the most costly to start, but could offer good tax benefits in the long term. Discuss this with a tax professional familiar with business taxes. My company is an LLC because it is just my wife and myself with no employees. Once you decide on a business type, name it. I am a strong believer in putting my name on my business. I believe it shows that I am very comitted to my business. But, I can see why some businesses may not be appropriate for the owners name. Come up with something that sounds good and is easy to remember. Register your business with the Secretary of State if you opt for an LLC, LLP or Corporation. If you decide on a sole proprietor, check with your town or county tax collector to see if you need to register an assumed name certificate or any other paperwork with them. Talk to an attorney before you buy any existing business. You will want to know what the laws are concerning rents and when and how you can change the rent for existing tenants. In my state, you can not raise the rent for one year, even if my lease ends during that year. You would be forced to wait until my subsequent lease ends to raise the rent, potentially almost 2 years if the timing works against you. That would be important to know if you decide you need higher rents to make the business viable.Make sure you get the right insurance. Talk to several insurance agents and ask alot of questions before you decide on one.Keep your personal and business accounts separate. Open your business account in a different bank ansd use it for all of your business transactions. Never use your personal account for a business transaction. That is very important when you run an LLC or LLP as you could lose the protection these businesses provide for your personal assets.Good Luck.
EASLY LOAN COMPANY LOAN LENDERStamford New Road,Altrincham Cheshire,WA14 1EPLondon,United Kingdom.Good Day Welcome to easly loan company private loan company , we offerLoans toindividuals, Firms and cooperate bodies at 3% interest rate, loan termsdeterminant,capital base between the amount of $1,000.00 to $50,000,000.00 USDollars.Loan for developing businesses a competitive edge. We offer the followingkindsof loans * Personal Loan (Secure and Unsecured)a * Business Loans(Secure andUnsecured) * Consolidation Loan * Combination Loan -Low Down or Zero MoneyFinancing Program AvailableE-mail:easlyloanfirm2009@gala.netFIRST INFORMATION NEEDEDFull Names:*... *Country:*... *State:*..... *Sex:*..... *Monthly Income :*...... *Loan Amount :*..................... *Loan Duration :*....*Best Regards
