Starting Out in Real Estate investing?

Question

Hi Everyone! Just starting out investing in real estate (my goal is to create a portfolio of rentals). Would you say the first step before finding any deal or even researching how to find a deal is speaking with a CPA and Attorney to get everything structured correctly? What was your first step?

Thanks all!

Basit Siddiqi · Answer

@Rik PatelI agree that you should first research the area that you want to invest in. It can be an area that you know well. You should then connect with an agent to get access to the MLS and then reach out to a lender to see how much you can qualify to purchase.If you currently have a CPA/accountant - you may want to reach out to him/her with questions prior to the purchase. If you do not think he/she is capable of answering the questions - you may want to reach out to another accountant who can answer your questions.

@Jun Lee You may not qualify to get a conventional mortgage under an LLC. You can reach out to a portfolio lender who may do so.

Jun Lee · Answer

Quick question.  Would it be possible to set up a single-owner LLC to buy a property and still get a loan under a personal name?

Antoine Martel · Answer

Step one would be to find out where you want to invest. Then it would be to find a deal and get financed. You will not need a CPA or attorney for your first investment. If you're buying rentals with conventional financing you just buy the property and get the loan under your personal name so there is no structure really needed from the beginning.