Are You Stuck in the Starting Blocks?

Are you one of those folks who's been stuck in the "getting started" phase of real estate investing? You know, the phase where you haven't actually done a deal yet? It's a familiar place for many, as we often find ourselves buried under an avalanche of education, trying to tick off every item on the never-ending to-do list. Logos, brand names, LLCs, insurance, trusts—just thinking about it can give you a headache!

Now, before I dive into this topic, I want to make one thing clear: I am not a legal expert, so seeking professional counsel is crucial. With that out of the way, let me tell you what I did when I found myself in this situation. I took action. When I started wholesaling and purchasing properties I did it in my own name. And guess what? I didn't get sued, and I'm still alive and kicking. At the time, I didn't have many assets to protect, so my mindset was focused on building assets first and safeguarding them later. After all, why spend time, effort, and money protecting nothing?

The internet is a treasure trove of information, but it can also overwhelm and confuse us. I spent hours upon hours researching whether I should hold properties in my personal name with high insurance coverage, form an LLC, or use a Land Trust. I came across countless articles, each passionately arguing that their strategy was the holy grail of asset protection. It left me scratching my head—how could every strategy be the best one?

But eventually, I had an epiphany. I realized that everyone's situation is unique, and what works for one person may not work for another. State laws vary, circumstances differ, and personal goals shape our decisions. That's why I believe in doing what's best for your own unique situation. Before you start feeling frustrated because I'm not giving you a definitive answer, hear me out.

After consulting with seasoned investors in my state at local REIAs, I came to my own conclusion. For estate planning, I decided to utilize Land Trusts in conjunction with LLCs and insurance. Now, I still have different people giving me different advice, but I went with the solution that helps me sleep soundly at night. It's important to remember that forming an LLC, setting up a Trust, or getting insurance won't magically bring in positive cash flow. I focus on making money while doing the right thing, and you should too.

My advice to you is this: Do what's best for you. Do what allows you to sleep peacefully, knowing that you've taken steps to protect your investments and mitigate risks. Educate yourself, consult professionals, and seek guidance from experienced investors who have navigated the same path. But in the end, make a decision that aligns with your goals and values.

So, stop spinning your wheels in the "getting started" phase. Take action, adapt as you go, and remember that progress is more important than perfection. Don't let the fear of making the wrong choice paralyze you. The real estate journey is all about growth, learning, and finding what works for you.