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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Starting Out in Foreclosures (advice needed) Posted by Ellis on October 10, 2001 at 4:58 PM In Reply to: Re: Starting Out in Foreclosures (advice needed) posted by Ward-CA- on October 10, 2001 at 1:59 PM : : Ward, : : I have decided to leave my job to pursue jbb's, & foreclosures. My question is before I leave my job what types of credit lines & financial relationships do you recommend I establish before I leave my job & can't claim the income anymore? I have a Equity line of 250k on my house already. : : Is there anything you recommend I do to prepare for the foreclosure business before I say Adios to my employer? : =•=•=•=•=•=•=•=•=•=•=•=•= : Ellis, first do some foreclosure case studies! Then check the Post—Training action items of things to do at the beginning of the Reference section in your manual. : Establish a banking relationship with the likes of a Wells Fargo bank near you, where they agree to give you free cashier’s checks. Get a separate equity line on all of your properties and all of your close relatives. : Form an LLC (takes 2 weeks, once you've dreamed up a name) to act as your trustee for all the trusts you’re going use for all the foreclosures you acquire. Ward, should I just set up an LLC in California or are there any advantages to using an out of state LLC? Thanks for your wisdom! Ellis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : : I have decided to leave my job to pursue jbb's, & foreclosures. My question is before I leave my job what types of credit lines & financial relationships do you recommend I establish before I leave my job & can't claim the income anymore? I have a Equity line of 250k on my house already. : : : Is there anything you recommend I do to prepare for the foreclosure business before I say Adios to my employer? : : =•=•=•=•=•=•=•=•=•=•=•=•= : : Ellis, first do some foreclosure case studies! Then check the Post—Training action items of things to do at the beginning of the Reference section in your manual. : : Establish a banking relationship with the likes of a Wells Fargo bank near you, where they agree to give you free cashier’s checks. Get a separate equity line on all of your properties and all of your close relatives. : : Form an LLC (takes 2 weeks, once you've dreamed up a name) to act as your trustee for all the trusts you’re going use for all the foreclosures you acquire. : Ward, : should I just set up an LLC in California or are there any advantages to using an out of state LLC? : Thanks for your wisdom! : Ellis Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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