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Updated about 13 years ago on . Most recent reply

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Geoffrey Murphy
  • Real Estate Investor
  • Hartford, CT
17
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222
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I am 20 yearsd old, i've done my first deal but how do I set the business up?

Geoffrey Murphy
  • Real Estate Investor
  • Hartford, CT
Posted

Hi BP friends!

I have done my first deal. It was a multi family REO. We rehab it and have been coolecting rental income nw we are in the process of our exit strategy which is to sell the property.

However, my question to all is. How do i set the business up? what do i need to do first, create a business plan? set up an LLC? Set up my team? I'm looking for some advice from you guys so please feel free to reply.

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James Vermillion
  • Lexington, KY
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James Vermillion
  • Lexington, KY
Replied

Geoffrey,

I would do a forum search on business plan and starting out. There have been a lot of new investors come to BP (including myself just 2 years ago) that had a lot of the same questions and needed the same guidance as you.
Having said that, if you do not already have a business plan, start now. Take the time to really think about which direction you would like to go, where you want to be and how you plan on getting there. The benefits of putting your plan on paper are great, and include:
1) Organizing your thoughts and goals
2) Finding loopholes or areas you missed in your initial planning
3) Provides a historical record of your original plan
4) Forces you to gather more information through research, market analysis, etc
You specifically asked about marketing, which should be a section in your business plan. There are many different marketing strategies that can be successful depending on what you are trying to market, your real estate market and your ability to employ different strategies. Find out what has been successful in your area and what has failed miserably. Again, search the forums to find tons of great threads with information on how people have marketed their business when starting out. Do not get too caught up in marketing though, I have seen people focus on sending letters that they never closed a deal.
One of the main things you need to continue to do is educate yourself. Find as many methods to do so as possible and start right away. Read articles/blogs on BP, network with successful investors, attend REIA meetings and expand your knowledge.

Congratulations on your first deal, now turn that deal into a business!

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