First time investor - Dallas, TX & Muncie, IN

First time investor - Dallas, TX & Muncie, IN

Allen, TX · Member since 2018 · 5 posts · 0 votes

Hello All,

I just want to introduce my self here. My name is Sri and I am new to real estate investment and am a new member here on BP. I am learning a great deal about real estate investment on BP. I appreciate the knowledge base available here. Thank you everyone who contributes here. It's helping newbies like me tremendously. 

I have just completed reading the Ultimate Beginner's Guide and have moved on to read the blogs and forums. I live in Dallas, TX and am interested to invest in real estate, specifically in rental properties with buy and hold strategy. I am looking for a stable cash flow for passive income as I have a full time job in IT. However, I am willing to put all the time and effort to educate myself on real estate investment as much as my full time job allows. 

I have started looking at rental properties in Muncie, IN as I am a BSU alumni and am comfortable with that town and looks like some decent prospects there for cash flow rentals. I am looking to start small and ramp up as I gain the necessary knowledge and experience. Most of the beginner's guide made sense to me at a high level, except for the business entity structuring. Is incorporating my business a natural first step before I look into actually buying a rental property from a personal liability perspective? Or would it be OK to start buying my first rental as an individual? I am sure this info is somewhere here on BP but any suggestions to get me started on this topic would be greatly appreciated. Thanks in advance for your time.  Looking forward to learning from experts here and growing. Thanks for reading my post.

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  • Lender · Northbrook, IL · Member since 2014 · 198 posts · 50 votes
    8y

    @Sri M. welcome to Bigger Pockets!

  • Allen, TX · Member since 2018 · 5 posts · 0 votes
    8y
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    Hello @Sri M., glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Allen, TX · Member since 2018 · 5 posts · 0 votes
    8y

    Thanks @Dave Visaya I am excited to be here.

  • REI, Contractor · Johnstown, CO · Member since 2015 · 26 posts · 7 votes
    8y

    Hi @Sri M. , 

    I just sent you a PM.

    There is a ton of info on BP about how you should structure yourself when buying properties. Since I buy and hold, I do it under a LLC.

    Much success to you and welcome!

  • Allen, TX · Member since 2018 · 5 posts · 0 votes
    8y

    Thanks @Ray J. I appreciate your response.

  • Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    @Sri M. Welcome to BP. This is a great community of positive, investment-focused individuals who can assist you with your real estate questions. 

    By going only on information available in your post, I would advise you to start reading more books, becoming a regular on the forums, actively listen to podcasts (so many great ones to choose from) and start attending your local real estate meetups. The last point, in particular, will help you connect you offline with like-minded individuals who from whom you can learn. This network will also help you providing the inside scoop on local real estate happenings. 

    I would advise you to start figuring out your goals, investment criteria and constraints. For instance, everyone says they want passive income, but what does that mean? How much - some want $4k/month, some $10k/month and some even more. Assessing your investment criteria helps you narrow your focus and channel your energies on to one or two paths at most. You don't want to spread yourself too thin. Lastly, by understanding your constraints can understand what areas to focus on, what to avoid and what to plan for. 

  • Allen, TX · Member since 2018 · 5 posts · 0 votes
    8y

    Thanks @Omar Khan for the advice.

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