Ep. 61 The 1st Steps to Take After Deciding to Become a Self Employed REALTOR®

In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre talk about the very first steps you will take when deciding to quit your W-2 job and become a self-employed Realtor. Find out the best ways to keep track of your expenses and how long it will take to start making money as a Realtor. Email Questions To: [email protected] Host - Adam Kruse https://hermannlondon.com/realtor/adam-kruse/ Shannon St. Pierre https://hermannlondon.com/realtor/shannon-st-pierre/ Producer - Joey Vosevich Theme Song by Trastornobeats 1:41 Adam introduces Realtor Shannon St. Pierre 2:21 This year’s Hermann London theme is “Someday is Today”. Quit putting off those things you've been dying to do. 3:08 So you've decided to become self-employed 3:44 How are escalation clauses used when there are multiple offers and how do different Realtors handle them? 6:22 Why do home-buyers send letters to sellers when trying to convince them to sell the house to them?  9:08 Shannon and Adam are Realtors not CPA's or attorneys. Make sure you consult with your CPA and attorney first. 10:08 Contact Hermann London before deciding to quit your job and become a Realtor and ask any questions you have 10:56 What special things do I need to do to become self-employed? 11:11 What will a self-employed person need to do to have health insurance? 12:30 What should I ask my accountant and lawyer before becoming self-employed? 14:30 Do I need business insurance when becoming self-employed? 14:57 What is the very first thing I should do when starting a business? 15:50 What is my new business classified as to the government? Sole proprietor? S-corp? C-corp? 17:08 Should I file my LLC in Delaware or Nevada? 18:11 How is a W-2 employee different from an independent contractor? 19:34 Do I need an employee identification number (EIN) when becoming self-employed and to open a bank account? 20:24 What kind of checking account should I open when starting a business and how do I avoid bank fees? 22:44 When should I get an operating agreement when starting a business? What is an operating agreement? 25:34 Is it better to have a credit union or online checking account when starting a business? 26:58 What kind of credit card should I open when starting a business? Is there a difference between a personal credit card and a business credit card? 29:59 How do I keep track of my business expenses and should I pay for a Quickbooks subscription? 31:51 Do I need to keep a lawyer or accountant on retainer to run my own business? 32:30 How does Hermann London Real Estate Group help agents with all their legal forms? 35:19 When do I have to pay quarterly taxes when I become self employed? 36:57 Do you have to pay off tax liens before you can buy property? 38:05 How does becoming self-employed affect my ability to buy a house or get financing? Should I buy a house before I quit my full time job? 40:30 How much are the required classes to become a Realtor and are there discounts if you contact Hermann London first? 42:48 Agents often interview the brokerage to see if they want to work there 45:02 Hermann London focuses on retention of the agents they already have over recruiting 46:08 What will all of my expenses be to get started as a Realtor? 47:25 What are the three big things you get access to as a Realtor? What is the MLS? What is Supra? 1:00:00 Shannon has a very interesting listing coming up in Soulard that has solar, a greenroom, is automated, and has emergency lighting throughout. Call Shannon at 314-583-0070