Hi there, my name is Johny and I'm just getting started in this field. I have teamed up with two other guys and we are in need of some guidance.
I have read many of the older post about how people get started in real estate but we are a little unsure what our first few steps should be. Our goal is to buy property and rent it out. What we really need is a break down by step. I suggested to them that we start with contacting a lawyer, one of them has mentioned starting by making an LLC, and the other guy said lets just start by buying property.
What suggestions do you folks have here on BP?
Following this topic as im in the same boat. Good Luck Johny
As a newbie myself, I've spent time educating myself by signing up for the BP newsletter, listen to podcasts, and join a webinar or two...or three (all which I've done myself).
I also read Buy It, Rent It, Profit: Make Money as a Landlord by Bryan Chavis. It is an awesome read! What I like most about the book is his focus on gathering data about the location you're looking to invest in rather than just jumping on the cheapest property that comes along. Definitely worth a read!
I'm a few months out from purchasing my first property, but I'm feeling more informed and comfortable about what's next.
Good luck to you!
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