The Science of Flipping - Getting Your Business Started | Real Estate Investing

Episode Date: December 21, 2022

The #1 training and coaching system to launch, grow, and scale your investing business! 𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Sign up for Minute:Pages using code 𝐓𝐒𝐎𝐅 for a 𝟏𝟓% discount for life!https://minutepages.com/sign-up/ Become a 𝐓𝐒𝐎𝐅 𝐈𝐍𝐒𝐈𝐃𝐄𝐑 and get access to exclusive training and resources: https://insider.thescienceofflipping.com 𝐈𝐍𝐒𝐈𝐃𝐄𝐑𝐒 𝐆𝐄𝐓 𝐅𝐑𝐄𝐄 𝐀𝐂𝐂𝐄𝐒𝐒 𝐓𝐎: Science of Flipping Academy   All the systems and software I use in my business All the tools you need to run your business  All my Scripts, Contracts, Spreadsheets Special Discounts And Much More... 𝐇𝐚𝐯𝐞 𝐚 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧? Email us at [e-mail] 𝐁𝐞𝐬𝐭 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐅𝐨𝐫 𝐖𝐡𝐨𝐥𝐞𝐬𝐚𝐥𝐞𝐫𝐬 𝐁𝐞𝐬𝐭 𝐀𝐥𝐥-𝐈𝐧-𝐎𝐧𝐞 𝐑𝐄 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞: https://reileadmachine.net𝐁𝐞𝐬𝐭 𝐌𝐋𝐒 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞: http://privytsof.com/ 𝐁𝐞𝐬𝐭 𝐑𝐄𝐈 𝐖𝐞𝐛𝐬𝐢𝐭𝐞 𝐁𝐮𝐢𝐥𝐝𝐞𝐫:   https://tsofpages.com/ 𝐁𝐞𝐬𝐭 𝐒𝐤𝐢𝐩 𝐓𝐫𝐚𝐜𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞: https://tsofbatch.com/ 𝐁𝐞𝐬𝐭 𝐓𝐞𝐱𝐭 𝐁𝐥𝐚𝐬𝐭𝐢𝐧𝐠: https://tsoflaunch.com/ 𝐁𝐞𝐬𝐭 𝐃𝐚𝐭𝐚 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫: https://tsofdata.com/ 𝑾𝒉𝒂𝒕 𝒕𝒉𝒆 𝑷𝒓𝒐𝒔 𝑯𝒂𝒗𝒆 𝑻𝒐 𝑺𝒂𝒚 𝑨𝒃𝒐𝒖𝒕 𝑱𝒖𝒔𝒕𝒊𝒏: “Justin is one of the best trainers in this space. He really gives everything to his tribe.” – Brent Daniels (TTP) “Justin’s ability to connect with people and help them understand what he is teaching, is unparallelled” – Kent Clothier (REWW) “We have been in the trenches flipping homes in Phoenix for over a decade, he is one of the best to do it.” – Sean Terry (Flip2Freedom) 𝐀𝐛𝐨𝐮𝐭 𝐉𝐮𝐬𝐭𝐢𝐧: Justin Colby is the founder of The Science of Flipping Podcast and The Science of Flipping Coaching Program and is an active Real Estate investor having flipped over 1500 homes in multiple markets across the U.S. Justin runs an 8-figure real estate wholesaling business that closes 20+ deals each month in multiple markets across the U.S and has helped 1000s of clients learn how to become successful real estate investors. Justin subscribes to the philosophy of "Wholesaling To Wealth" and is the foundation of his coaching program which teaches you how to get started wholesaling or streamline and scale an existing wholesaling business as well as build long term wealth through wholesaling, flipping, and building a rental portfolio. Subscribe To Justin Colby: http://youtube.com/justincolby View All My Videos: https://www.youtube.com/c/JustinColby...

Yo, yo, what is up everybody? Welcome back to the Science of Flipping podcast. I am your host, Justin Colby. And as always, our number one main sponsor, MinutePages.com brings you, the real estate investor, the best high quality website in the game. Not only that, they guarantee 10X the amount of leads any other website can give you.

So if you are looking for leads, then you need to make sure you have a minute pages website minutepages.com Yo, yo, what is up guys? Welcome back to this training. This training is going to be how to set up your wholesaling business properly. Now, the first thing is most people get caught up in the naming of their entity. It doesn't matter. Don't overthink this. The reality is all the big names that you're aware of, Zillow, Opendoor, Offerpad, Blackstone, Progress Homes, none of them really mean anything. So for us small guys, including myself,

find something might be a little cool to you just knowing the name, but make sure you don't overthink this. Now the structure of this would be is there's an entity doing the deals. So if for marketing purposes, you wanted to name your entity something like National Home Buyers

or National Home Buyers Pro, then you can do that. But don't overthink the name. If you just wanna name it something random like some initials, that is totally fine too. At the end of the day, it's meaningless and you just need to get it set up and moving forward. Now, where do you go to set up your entities? Well, first of all, you should probably go to primecorporateservices.com forward slash TSOF. Because you're one of my students, they know you're going gonna be scheduling a call with them.

This is who I use to set up my entities. In fact, I just called them last week to set up another Florida entity now that I live in Florida and it took them all of 15 to 20 minutes. Now, I do take a little priority based around my relationship with them, but it is very easy, very fast. In fact, they won't upcharge you.

They'll just charge you what the normal state and city fees are. Now, Prime Corporate Services has a lot of great services, a part of their company, such as tax structuring. Now, while I'm talking about tax structuring, let me tell you a little bit about how I've set up my entities and how I encourage you guys to set up yours. I'm not a licensed accountant, so make sure you follow up with your accountant to make sure it's the best scenario for you. My accountant has suggested I have an LLC that is owned and managed by an S corporation. The S corporation is owned and managed by me, yours truly.

That is how my wholesaling and flipping structure is. That is for the active income. Now, again, check with your accountant. But if you go work with primecorporateservices.com forward slash TSOF and book a call with them, you can talk to them about exactly how you want your structure to be set up. Now, they also could help you advise on tax structuring and entity setup. So just make sure you ask the proper questions. For those that are in, let's just say, Arizona and California, you can go to the Corporation Commission, Secretary of State. Those are two that I'm well aware of. Or like I said,

use Prime Corporate Services as I do and make it easy on yourself. Now, the reason why my accountant suggests the setup the way he has is because it's all about taxes. It's all about helping me save taxes on the income I'm generating as a wholesaler. And as a fix and flipper, that is what I call active income. So I'm trying to save as much taxes as possible. And based around my setup, I save roughly anywhere from 10 to 14% based around the LLC owned and managed by the S corporation. Again, talk to Prime Corporate Services

or your accountant on what they suggest. Now, the last piece of this is setting up kind of your entity, right? Getting credibility, influence, and authority in your marketplace, which would be a website. I do believe this is paramount as all things are online now. So if you're talking to a homeowner, a realtor, a lender, a contractor, you need to make sure you have a website. The best place to find the most professional, well-done websites out there, period, is minutepages.com. If you go to MinutePages.com,

you can get the most professional, well-done website there is possible. They also have some really cool options to be able to be able to 10X your leads, meaning if someone even goes by your website, it'll capture some of their information for you to contact them. Again, make sure you have credibility in the marketplace. Make sure you can build brand authority by having a website. Go to minutepages.com to get your website. All right, that's it. That is setting up your business. You need to make sure you have a company. You need to make sure that you're set up properly based on your tax situation. And you need to make sure that you have an online presence. Now is go time. Now we need to start trying to find leads

and maximize those leads so you can start collecting checks. I'll see you guys on the next training. Peace.