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Deyano M.
  • Investor
  • Gardiner, NY
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Next step? First step!?

Deyano M.
  • Investor
  • Gardiner, NY
Posted Aug 3 2008, 11:02

So- I have targeted a few properties that would be ideal for my first flip. I have another family member that will be an equal investor with me. We have discussed forming an LLC, but I don't know if it would be necessary for the first project. I want to do this first project as efficiently as possible.

I have consulted with my financial advisors and they can assist with a loan that would take less than 4 weeks to become available.

Should I worry about forming an LLC first, or start securing contractors?

What about an inspector? I plan to do about 3 flips/year. Is it better to get the team ready in the wings, or just roll with it step by step. I want to minimize holding costs (obviously), I just don't know how detailed I should be at first. I also don't know if I should have a CPA and lawyer ready or if I should wait until the job is moving along...

I would love if someone could point me in the right direction, ie: step one, step 2, step 3....
I know there are alot of options and some can be opinions, but the more advice the better!

Thanks!

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