I'm new to investing so i have a few questions about startup.
1. how do i go about creating a proposal for getting private money i feel i would be more comfortable going after my first deal if i knew the funds was going to be available.
2. is it better to have an llc when trying to get private funds that way im not personally liable
3. can i get a ball park figure on average what the lawyer fees would be to set up it up because i'm on a shoe string budget(living paycheck to paycheck)
any good advice would be appreciated i feel like such a noobie
my best advice is do nothing now. Educate yourself 6 months to a year then stop analyzing and dive in. Your questions can be better answered when you know and explain the route you want to take. Are you flipping holding starting a business to do other things? Living check to check could mean credit issues and your income could be a major factor on a loan. Coleauge me and we'll walk the path.
at some point u need to stop studying and dive in because life is the best teacher u will ever have
True, first do a lot of readings and learn theoretically how to invest then, dive in. However, do not spend money on lawyers to open an LLC. It is very easy depending on your state. First get an EIN number from IRS, which you can get in 15 minutes, then move on to create your LLC,
If you're raising money from multiple private lenders to invest in real estate, I would consult with an attorney on how to set up the LLC. Reason why is that you'll need to understand how to structure the LLC based on whether they will be equity partners, or if they're simply loaning you money.
I would first figure out your strategy and then start putting the items in place to take in money when you're ready. Your strategy could be fix and flip, SFH, MF, office buildings, etc. Write down your goals and the strategy you will implement to get there then to the next step.
First, hello and welcome.
Second, you do not need a lawyer to set up an LLC nor do you HAVE to have an LLC. Your insurance should cover you.
Third, For private money you can apply with them and they will usually have a proposal format for you to use.
Fourth, if you have any questions please feel free to ask.
Fifth, do not think because you have never done investing that you need to wait, find someone that is willing to mentor or help you with information!
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