I feel a bit overwhelmed when it comes to starting out. Should I buy under an LLC or "sole proprietorship"? Should I get investment money first or find the right buy? Should I use a realtor for my first investment rental?
I know this is a lot to ask but I having trouble finding a cheif aim.
Most likely if your getting a loan you will have to have it in your personal name. If you're paying cash I would suggest an LLC. Whether its a "sole proprietorship" "s corp" or "c corp" you should ask a lawyer and a cpa.
welcome to the site.
Welcome to Bigger Pockets. I am in STL please let me know if you need anything.
In the meantime here are 7 tips to help you grow your business using BP:
1. New to BP? http://www.biggerpockets.com/starthere
2. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades"
3. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan. http://www.biggerpockets.com/files
4. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.
5. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!
6. Spend some time every day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet
7. Set yourself up to receive free alerts to be notified of subjects that interest you: http://www.biggerpockets.com/alerts
Thank you for the advice, it was straightforward and edible. I will definitely do that for sure!
Yup... no need for incorporation until you actually start doing a deal. Don't put the cart before the horse and don't overcomplicate it.
Step 1. Find a motivated seller BY ANY MEANS NECESSARY
Step 2. Followup on said Motivated Seller until you make a good appointment.
Step 3. Prequalify that lead before you make a presentation.
Step 4. Present your solution to their problem (aka a wholesale or whatever deal)
Step 5. Close for the signature. (I'm ready, are you?)
Step 6. Rinse and repeat as often as you want to get paid.
Took me 19 years of this game to learn this. It's just as simple as that.
Hey Wade. Congrats on getting started!
Whats your ultimate goal?
I myself started a little over a year ago. I spent about 6 months researching, studying buy & holds, flips, and wholsaling. Buy & Hold was the easiest for me personally to understand and apply. I built up a great team around me to leverage.
I would say your path is dependent on your ultimate goal. Figure that out and work backwards to months, weeks, and eventually days. Leverage as much knowledge as possible to mitigate the risk.
I myself have a couple of LLCs now, but wouldn't recommend until you have a good strategy laid out. There are many different ways of asset protection and business structure. I'm sure along the way of learning the items above these answers will come about as well.
Hope that helps.
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