Posted by Frank Chin on July 27, 2003 at 12:29:56:
Hi Ty:
I put down “business services” in setting up the entity and for the tax ID#.
I did so because putting down “Real Estate”, or “mangement” might put you afoul of some state bureacrat that thinks you need a RE license, and I don’t need to get a lawyer to explain that I don’t.
When I opened my brokerage account I said I was an “investor”, and I had to sit down with the branch manager and they want to know if I’m a professional investor where I might need a license.
So I stay away from the words “investor”, and “management”. After all, provding “management”, and in doing “flipping”, you are providing a business service.
Just a thought.
Frank Chin