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Welcome to the entrepreneur like you with business attorney and entrepreneur chance reynolds, a daily podcast that brings you the best legal tips, marketing strategies and storytelling tactics that will help you grow your business the right way
lately that I have a knack to really dive in and learn new traits and new business structures and new ways of just understanding how people’s businesses are running really. So since I, I evaluate people’s businesses to make sure that they’re really completely protected. Um, a lot of what I do is doing research to make sure I understand people’s businesses and how they operate. So I don’t just naturally understand how every business operates. I generally don’t know how any business operates until the person comes to me. And most of them are pretty similar. So like I’ve talked about her before. I set up [inaudible] for drop shipping companies that I’ve done that like just so many times. I have a really good understanding of how that business works now. Yes, the, the distributors are different for each drop shipper and you know, location is different and the different types of products that they’re shipping are going to change what type of liabilities they have, but for most of them it’s pretty similar stuff that they need to do that need some liability insurance and they need an LLC and they need to make sure that they’re doing certain things with their llc to a keep it active and to make sure that, you know, they’re not just making like common mistakes that can get them a get their llc, what’s called pierced.
But anyway, that’s not what this podcast is about. I’ll geek out and start talking about that stuff and that will become the whole podcast. What I want to talk about is how I learn about these new businesses. So since I set up, I will seize one thing that’ll allow people need one when industry that there’s an urgent need for lcs is our real estate investments. When people have a rental property or something like that, there’s a ton of liability involved in that meeting. Somebody slips and falls down the stairs, out your rental property, they’re going to sue you, they’re going to sue whoever the owner is of that LLC. And I mean I’ve that a rental property and the best way to make sure that your other assets like our pr, like your main residence are protected, is to have that piece of rental property protected within an LC.
And the way to do that is that you just, when you purchased that property purchase, purchase it in the name of the LLC of which you are the member of the LLC. It’s pretty simple. Um, it can get complicated if you’ve already purchased the piece of property outside of the LLC and then you have to move it in. Sometimes your bank get kind of scared about that because they don’t understand how that works. But then that’s when you have to hire somebody like me to go in and talk to the bank. But, um, that has led me into what I’ve been super interested in and what I’ve talked about on the podcast last week, which is wholesaling real estate and just different types of real estate investments. And kind of how pieces of property fall into people’s hands for like very little money in what they’re doing with the property and why they’re doing what they’re doing with the property.
So I just thought I would talk to you about the process of how I can learn a ton and how you can learn a ton. Anyone can do this. This is not like some super skill that I have. Um, it’s just, you have to be thirsty to understand something, you have to be driven to understand it. And if you do this you can learn any skill like in a couple of days at least the broad strokes and then you want to go out and find some sort of mentor or something. I definitely think that’s a big piece of doing it. But, um, I just straight up go to either the library for public library, which their selection on business books are, is not really that good. So what I prefer to do is just go straight up to barnes and noble, go to the business section. Um, for example, with real estate, there’s a whole section in the business section that just talks about, um, for one, there’s one that talks about negotiating, which is a big piece of real estate investing is that you’re negotiating with sellers and buyers and already kind of know a lot of that.
So I haven’t done as much reading up on negotiating, but I grabbed every single book is about 10, 15 books that talk about real estate investment. I’m talking about, you know, real estate investment for dummies. Robert Kiyosaki, who’s like the rich Dad, poor dad, author his, he has a compilation book where it’s him on the cover. You might think that he wrote the book, but then every single chapter is written by some different expert in that field. Like there’s like attorneys, um, apartment billionaires, you know, like, I think Donald Trump even has a chapter in there and it’s kind of like these essays that they write on specific aspects of, of real estate investment. Like if you want to do foreclosures, there’s some foreclosure, an expert attorney in their title attorneys. They’re in there. So there’s, you can just look in the table of contents of all these books and you don’t have to read 15 books on real estate investment eventually.
Maybe you would like to do that, but just to get a grasp of the broad strokes of what the business is, you look at the table of contents of all the books, you see, what the big time similarities are and where your interests are. In my case, it’s what are my clients doing and I focus in on those chapters and then I read them in all 15 of the books and really you’re spending about an hour and a half to two hours. That’s about how long it takes me to do that. And then you’ve got a pretty good base knowledge of what’s happening in that area and yeah. So the Barnes and noble employee is going to be pissed that you’re just coming in there and stacking up 15 bucks on a, on a desk, you know, on a table in the coffee shop and then they’re going to have to shelve them.
Yeah. They probably don’t like that, but I’m not going to buy 15 books on real estate investment and spend, you know, hundreds of dollars when I don’t need 90 percent of what’s in those books. So that’s what I do to get a really broad sense of, of how to understand whatever topic it is that I’m trying to understand. Generally it’s a client issue and generally I don’t have any interest in going into that business. Real estate investment just really intrigued me because when I think of real estate investment in the past, I always thought it was something a little more complicated. But looking at it, it’s like this is really like pretty easy, pretty much like running an online business. I mean, yes, there’s more face to face aspects and you can do it more locally. I mean you don’t have to, but um, it’s so broad of what you can do with it and it’s something that you don’t have to probably spend a ton of time doing all the time.
It’s easier to kind of build a business with real estate, I think, than to start a drop shipping a tee shirt company or something. It just is more intriguing to me than that. Like I would rather do this than sell Amazon affiliate stuff. You know what I mean? Like that’s just not something I’m really fired up when I see it and when I see people moving houses for five, $10,000 spreads, helping people out. Say somebody just gotten a divorce and they hit the couple, has this piece of property is one out of it because they just got out of this terrible marriage and they just want to be done with it. They don’t want to put it on the ammo on the multiple listing service and get a broker and weight possibly a year for the thing to sell. They just want out of it like right then so they can just chop the money up and move on with their lives.
You can really help people out that way and a lot. Sometimes people look at real estate investing in that sense as you’re praying on desperate people. I don’t think. Yes, there’s an aspect of that and there are people that do that, but I think you’re missing the bigger picture of sometimes people just want to be done with their piece of real estate. Are they going to get as much money as they would if they waited a year? Probably not, but sometimes they need the money. Right. Then what if like they have a medical bill and they’re just like, I’d rather just get this medical bill paid off where they put a lien on my, on everything. Take me to ruin my credit, you know, so you really can help people. People don’t think about the aspects, uh, you know, those scenarios where people just want to be out of there, out of their situation.
And if you can wholesale something, you could really facilitate a quick exit for them. Like you can put money in their pocket, you can make a little money for your efforts and then whoever’s going to buy it on the back end can do whatever the hell they want to do with the piece of property. Who knows what they’re gonna do and not, that’s fine. But that’s how I learn a massive amount of stuff in a very short period of time. I take an hour and a half to two hours. I go down to the Barnes and noble. I stack a bunch of books. I don’t care if anybody gets pissed, they probably think I’m crazy. Um, and then I just look at the table of contents of all of the books, see what the commonalities are, and then really research on things that are, that are super common and read those chapters is that easy.
And then all of a sudden you know a lot about that one topic because you’ve read the top 15 books that are current on that topic. Of course you don’t read the whole book. You’re gonna read 15 books on it, sitting right there. You read the relevant parts. This is like where people talk about speed reading and, and um, what’s his name? Tai Lopez talks about how he reads one book per day. This is what he does. If you listen to what he says he does, he’s like, one of the biggest lies is that you have to read the whole book. He’s a hundred percent right. If you’re reading a book like this for this purpose, you don’t need to read the whole book. You need to read what’s relevant for you. Now, do you have you read that whole book? Should you tell people you read that whole book, it doesn’t matter.
All that matters is, did you get the knowledge that you needed from that book? And that’s what speed reading is in this sense and that’s what it does. So that’s how I learn to turn. Go down to your barnes and noble stack up 15, 20 bucks or whatever subject it is that you want to learn on. Learn about business. I mean, this works in self, self help and business mainly. If you’re trying to do this with fiction, it won’t work. Um, so that, that’s my tip of the week. I hope everybody has a great weekend. I will be back next week. Check out my Youtube Youtube Channel at LLC, freedom [inaudible] slash youtube. So you guys next week.
Hey guys, thank you so much for listening. I really, really appreciate everybody tuning in and all the great feedback I’m getting about the podcast, so I’m going to keep it up and I just wanted to say thank you. Also if you want to figure out the three ways that most entrepreneurs are getting themselves sued, you can head over to llc, freedom dot [inaudible] slash get sued. I have a little freebie there that kind of outlines the three major ways that people are getting sued and how they can easily be avoided. So hop over to llc freedom.com/get sued and picked that up today.