Even if You Dont Have Money, Do a Great Deal (CFFL 452)

Even if You Dont Have Money, Do a Great Deal (CFFL 452) Jack Butala:                       Jack Butala with Jill DeWit. Jill DeWit:                           Hi. Jack Butala:                       Welcome to our show, today. In this episode, Jill talk about how to do a great deal even if you don't have the money. Jill DeWit:                           What? Jack Butala:                       I'm telling you. Jill DeWit:                           What? Jack Butala:                       Jill and I talked about this before we started the show, and- Jill DeWit:                           I can get creative. Jack Butala:                       And new people, acquisition, seasoned, old school acquisition people like me love new deal flow. We'll talk about it in a minute. Before we get into it, let's take a question posted by one of our members ... On landinvestors.com online community. It's free. Jill DeWit:                           Okay, Scott asks, "I'd like to hire somebody to help with the sales marketing side of business. I know most states have pretty strict real estate laws and you can't legally have somebody represent you or your property if they aren't licensed. Has anyone hired somebody to help with this side of the business?" Jack Butala:                       I have. Jill DeWit:                           How do you work around ... Yeah, like me. Just kidding. Joking. "Has anybody hired somebody to help with that side of the business. How do you work around real estate laws? What things do you have them to help?" Jack Butala:                       The ... This isn't even a workaround situation. This is exactly how you should do it. You need to hire them through ... You need to W-2 them. They need to be an employee, so if someone works for you and they don't have a license and they're not a subcontractor. They're just a W-2 employee, they can represent the property owner all day long. Jill DeWit:                           Okay, because you're the investor. It's your investment firm and they work for the firm. Jack Butala:                       Get an LLC. I just formed a new LLC for some stuff that Jill and I are doing and I did it. It cost $90 ... In Arizona, it cost $90. Jill DeWit:                           We did it online, right? Jack Butala:                       It's called Tower Five, LLC. for a bunch of reasons. Anybody can go look it up and see or look up my name. I took less than, like, three days and cost like $90, I think. Maybe something close to that. Jill DeWit:                           But you just did it online. That's what so nice. You can apply online and have your LLC like right there and get an EIN and all that good stuff. Jack Butala:                       I did the EIN. The whole thing took 10 minutes, so go do that, then sign up with ADP. Automatic Data Processing which is a payroll company. You should be doing this after the 10th deal, so Jill says you should do this anyway. Jill DeWit:                           Because you're going to pay yourself W-2 salary. Jack Butala:                       Yeah, that's right. That's how you keep the IRS out of your life. Jill DeWit:                           Exactly, it's a good, little tip. Pay yourself and pay yourself less than you pay your employees. That's what we do. Jack Butala:                       We do, too. That's what we do. Jill DeWit:                           That's what I was saying. Jack and I don't make a lot of money. W-2- Jack Butala:                       Because we don't have any bills. That's really why. Jill DeWit:                           That's true, so yeah. Jack Butala:                       It's not even a workaround. That's the real way to do it. This country's packed full of real estate companies that have unlicensed people talking about their deals. Jill DeWit:                           Can I dissect this a little bit because I'm trying t...