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Chapter 15- Corporate Form.doc

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CH15Legal Forms of Business and Organization You have to think like you are going to own capital and build equity To become selfautonomous financially is 1 Own businesses 2 Own franchises dont work the floor but be the boss with the capitalDont go to big the first time because you always make mistakes dont know how to deal with tax lawyers etc Use the profit of selling the franchise to make your first 20 on your home 3 Real Estate Go in this before stocks since it is easier to manage most dont know what you are doing in the stock marketndWhen people who have difficulties they go rent there is going to be a 2 recessionThe maximum time you need to pay your real estate is 15 yearsThe bank can give you a 35 year mortgage and you pay it in 15 years So if there is ever a bad tenant who doesnt pay rent you can ask the bank to lower the rate to accommodate these difficultiesso now sometimes you can skip payments one year since you are ahead However do this as a rollover to a corporation once you have equity YOU NEED TO BUILD THIS CORPORATION 4 Owning financial assets Once you get into a midlife crisis it is easier when you have equity Real Estate Gotta put 20 down ask what neighbourhood you want to be in you are never 20 mins away from your profit in your car tenants 20 mins define what type of landlord you will be a slum landlord will make more money rapidly Ex people on welfare and min wages you will make more cashflow then a regular rapidlyproblem is that those tenants dont have cashflows and you have to knock on doors properly and law toolsif people know you are a soft landlord then you will lose LeVasseur says a professional dont want these ass hole tenants He always chooses upper middle class and locations as it never loses in a city
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