brand new and ready to go

brand new and ready to go

Member since 2008 · 21 posts · 0 votes

I've done a lot of reading, researched on the web as many places and as many topics as I can think to look up, really want to get started and see if I sink or swim (really hoping to swim!). I've got some money stashed away, but am really a miser at heart and would rather not part with too much. That being said, I'm very interested in creative financing. My credit is fair, nothing outstanding, but I have a good history of paying my debts so I think I stand a good chance of finding financing if I know where to look. I was thinking of REO/forclosure properties as a possible place to find a good deal, any opinions? Are they really better deals or just a different variety that come with their own technicalities? Would like to hold long term investments, but not averse to flipping. Again, pros/cons, anyone? And lastly (for now) I read someone else's post that referred to a company that was started for the purpose of investing, and I think I understand how he got the idea, I've come across that myself in my reading. The thought is, avoid having my name on the paperwork and some of the reprecussions that come with it by forming a company and investing in the company's name. I don't see how this is really necessary from the start if I plan on starting small, a single family rental here and there, but it does make sense if I decide to really expand and make this a full time gig (which I'm hoping for). So my question is, can anyone tell me how the creating a business thing pans out, am I right in my assumptions, and if I start out on my own is there a way to avoid possible tangles from having my name posted for the world to see? I'm assuming things can be transferred into a business name at a later date if that winds up happening. Wow, I'm really long winded, huh? So I hope I don't sound too general, but I haven't fine tuned what I want to do yet, I've always been one who likes variety. Thanks for your time and input!

B

0Reply
16 views

4 Replies

Jump to latestLatest
  • Investor · Middlesex, NJ · Member since 2008 · 53 posts · 7 votes
    20y

    I believe it was my post that you saw about starting a business for the purpose of investing. I did it because I heard or read somewhere that building up the business credit would be relatively easy and I would be able to get more money on a loan.

    I now know that it isn't really necessary to do it but I would rather prefer to do my investing through there for now.

    But I am just like you...I've been reading, researching, and I am trying to get started in real estate.

    So any input from experienced investors would be appreciated!

  • Member since 2008 · 362 posts · 1 vote
    20y

    Hello, Getting started is very important. Funding is very important. Having some money available to start your business is needed and your credit is always workable.
    Are you familiar with private money investors? They work with all types of credit. There are many benefits to using private money. I would be interested in knowing what type of investing that your interested in.

  • Member since 2008 · 21 posts · 0 votes
    20y

    NBD Investments--

    I'd be interested in hearing how that all works out for you, best of luck to you.

  • Member since 2008 · 21 posts · 0 votes
    20y

    chris--

    I don't know too much about private money lenders other than they may be able to provide me with more options/flexibility than I would find at a bank. When I bought my house I went through my bank, mainly because I didn't know there were so many other options out there. I'm definitely interested in learning more. I'd like to start out small with single family homes and get a feel for how things work as far as management and repairs, etc. After that in a couple of years I'd like to move on to multiple family residences. I'm not interested in extensive rehab, I want to be able to fix up details and turn the place around quickly for rental. I've also considered some of the pros of flipping, but I know there are other hassles involved with taxes, etc. so my main focus is long term investing. Am I being at all informative here?

    B

Join the conversationCreate a free account to reply, vote on answers and follow this thread.