Hey Fellow BPs,
I am new to the RE investing world. I am a USMC Vet, who now works for a large corporation. I was born, raised, and still live in the great state of Washington. I have a sizable amount of equity in my house; however, I’ve saved up six figures that I am ready to use to plant some seeds. However, as many know, Washington has become very pricey, so I wanted to look abroad! I almost bought a property in Belize, then I convinced myself not too. I’ve wanted to get more involved with RE for the past few years, but always made a excuses not too...
I just got done with both of David's books (BRRRR and Long Distance)- which were LIFE CHANGING. One thing I am still seeking is a visual blueprint to run off of. I am still in the process of deconstructing David's books and developing a visual info graphic that outlines his books in a visual form ( I will post it once I am done!)
With this, I know a savvy investor will not willingly share the secret sauce; although, I am still searching for the first steps.
1- what are the implications, benefits of forming a LLC? when should this be created?
2- is this dictated, or influenced, by the areas I am investing in?
3- what types of accountants and lawyers do RE investors use? (Met with a few who were sub par and would never divulge any personal information to them). Are there specific speacilties I should be looking for in a lawyer/ accountant? What questions should I be asking them?
4- Is there anyone that needs help do anything. at all? I am a learn-by-doing person, so it is a logical approach to jump into this community and start helping anyone in need!
5- what are some markets that anyone is investing in (out of state friendly), that I can get some reps in? My goal is to BRRRR at least one house by the end of the year, collect my lessons learned, hone my system, and then apply that system to scale... quickly; aiming for 5 BRRRSs by July 2021.
6- are there any lessons learned, that people found starting off, you wished someone would have explained early on?
7- what areas should I avoid?
I’m genuinely excited to meet you all 😀Please let me know if I can help anyone out!!!!
This is urgent ? :) good luck. What do you need the lawyer for right now again? As for accounting I don’t think you’ll have good outcomes when you don’t “divulge” info to them
but thanks for #4 that’s a winning attitude and I mean good luck sincerely
Much appreciated, best of luck to you 👍🏼Urgent, as I don’t wait for things that I want. I either give my 100% or nothing at all, has enabled me to knock everything out of the park, from my military career to building my current investment portfolio! Only 27, and a few years away from retirement, so now just trying to set up my two boys as best as I can. Either way, let me know if you need anything! Cheers 🍻
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you