Hello BP community,
My name is Ben, I'd like to introduce myself here. I've been listening to podcasts and reading the forums for several months. In 2015 I made the decision to start investing in real estate, and in 2016 I will execute that decision. My plan is buy and hold investment. I'm an Atlanta homeowner inside the perimeter and plan to invest in the nicer outside-the-perimeter Atlanta neighborhoods. Here's my background:
I am educated as an engineer and am working my dream day job in that field. On the side I have an LLC that I use for consulting work. This business generates $1-2k of cash flow per month before taxes; it will grow a little but is not very scalable. Therefore, I would like to invest this income in real estate.
The first step in my plan is to start a new LLC and set it up for REI. I will consult an attorney on how to do this correctly (I assume that's a necessity? Or is a CPA more appropriate? Both?). Next, I will start making offers on duplexes. I feel it would be best to manage the property myself at first for maximum exposure, although given my busy work schedule, I worry that this might be a mistake? In parallel, I will look for partners and will attempt to grow my network.
Since I'm brand new to this, I would be very grateful to anyone who can offer any wisdom. In particular, I could use advice on who to consult to properly set up the business, and I'd love to hear your thoughts on property management. Thanks and I look forward to jumping into this exciting world!
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