I'm a "newbie" and had a few questions on where is a great place to start. I am currently located in the Hamptons Roads area in Virginia. I finished looking at the Biggerpockets ultimate beginner's guide and had a few questions about good starting spots. First, my long term goal is buy and hold apartments and I plan on making this a full-time business in the next year or two. I do have a strong interest in wholesaling/buy and hold single families to start. So, is it a good idea to start with creating a LLC and website to develop a business platform? Also, what are the thoughts on working with a agent/broker versus becoming a agent? Thanks to everyone.
You dont need a website any time soon, that must be a want.
You need an LLC or an S-Corp ASAP. Talk to your accountant and decide what is better. Mine just got on me for having an LLC when I would have been better off with a n S-Corp. She is trying to convert it.
You need to work with an agent to become a broker. So might as well start working with one now to build a relationship and start the classes to get your license and then work for them when your ready. I am doing that. Bought 11 properties with the same broker. He offered me a job as soon as I get my license. No I don't need the job. But I need to work under a broker for two years to get my brokers license. Each state has different rules.
Start practicing appraising properties and/or deals. Find a place you want... figure out what you would pay for it and what is worth. Then track it as it sells. Compare your values to the actual values. Do this all the time... as you do it more and more you will find one that screams buy me now. Your basically training yourself to judge the deals without investing so when the time is right your ready. I did this for years before I could actually get the lending to buy one.
@Nicholas Rohde . Simply having an interest in Real Estate won't take you there. You need to get out there, do deals, make money and lose money ...and learn. If you are giving yourself a 2 year window to live from it ... It could be a very aggressive timeline, if you are just getting started. I would say ... listen to more podcasts and write down a business plan going backwards. Meaning, quantify how much money you will need in 2 years to live off, then see how you can generate that money and which activities can get you there and see what you need to do. What is your starting capital?
Hey Gordon. Thanks for the reply. What would you recommend for resources to evaluate property values and ARV?
@Henri Meli. My starting Capital is 20k.
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