CO investor partnering in WA
Hello all,
I live in Colorado and plan to partner with my brother to invest in RE in Washington. We are looking to flip a house in the Olympia area to get our feet wet and figure out some of what we don’t know we don’t know.
RE experience: Bought a house in western CO in 2000 and sold it in 2008 when we moved to Denver. Had to live in a crappy apartment for 9 months until the house sold but we finally bought here. Just like an IRA, it's amazing to see the value increase over a longer time.
Bought a mobile home and wrote a 5-year note to a buyer (Scruggs style) about 16 years ago. Learned a lot, made some mistakes, made some money.
Biggest needs/questions:
1. LLC and/or S-Corp?
2. What will a RE lawyer help me set up?
3. Finding a property to flip or BRRR near Olympia.
Other interesting info: I'm a middle school teacher (22 years) , climb 14ers, fly fish, ski, and mostly enjoy the outdoors. If REI leads me to spend more time in new places with cool stuff to do (and see my brother's family more) that's great.
Cheers,
Max