Tuesday, February 26, 2013

The Nitty Gritty

Ok. I am making progress. Had to shift gears and get my and 888# toll free number selected (had to do that first in order to put the 888# on my business cards),  business cards, address labels.  Also wanted to set up a new email address devoted exclusively to flipping and real estate, so that email address will is: flippingandrealestate@gmail.com.  I know eventually I will also have to get a new telephone. I am still using an old cell phone that charges 35 cents per minute.  And I didn’t want to have our home phone on the business cards. That will never do as I start to get a lot of calls (and I am hoping to be getting a lot of calls). The 888# calls can be forwarded to the home phone or the cell phone when I get it so I won’t have to change phone numbers. Have to keep the business and personal stuff separate.

Eventually I will also have to get a new bank account. I dread that because I already have too many bank accounts in my opinion. And the banks have all gone back to charging outrageous charges even when you have a reasonable amount of money going through each account. A couple of years ago I had to close my credit union account because it was bought out by Wescom and they don’t have ANY offices in San Diego County. I thought that was very unfortunate because I had my account with them for nearly 32 years. But I might have to look into other credit unions to get more reasonable rates on bank fees.  Makes me want to go back to cash only.

Of course the idea is that most checks will be going directly to the escrow companies and I will not be depositing any in my account, but there will be other charges and costs that I will have to charge to the credit cards and write checks for (or make payments online), and eventually there may be rent checks coming in too.  Right now my business credit card has the charge for the franchise. Yea, that the way that I look at this…as a franchise. I bought into a company that already has the software, contacts, mentoring and other assets that will make my doing business easier.

I still have to set up a LLC, but I understand California is the most expensive state at a cost of nearly $900.00. That is a real bummer, makes me want to move to another state. I understand the new laws in California state that even if you conduct all your business in another state, if you live here they can tax you here. So does that mean I get taxed twice? Here and wherever I am buying? California has always played that type of game. It used to be that if you retired in California and then moved out of state, California would still come after you for state taxes long after you moved. They claimed that since you were working and earning your money here, California should continue to be able to tax you on the retirement money that you earned here. I think the federal courts stepped in and decided that wasn’t kosher.

Well here I go again. Rambling on.  I better get back to work.

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