Hello all! I am so excited to say that my boyfriend and I have decided to jump into real estate investing together. We have done a lot of research and I am going to try pursuing this full-time, while my boyfriend works full-time and helps with growing our business part-time. Luckily, our strengths and weaknesses complement each other extremely well and we are willing to make sacrifices and do the hard work to get to where we want to be.
After doing lots of research, which is, of course, continually ongoing, we believe that the best step for us is to look into pre-foreclosures and multifamily and attempt to house hack. We want to hold and rent. We live in the DFW area and have gone to open houses on Sundays for a few weeks to get an idea of pricing, locations, and gain at least some experience in looking at houses.
I have two questions as we are hoping to get our first property within the next few months.
1. I am attempting to get together my team and find the right people. Is there a major differences between going with a lender vs a local bank?
2. Does anyone have any advice on starting either an LLC or corporation BEFORE the first purchase, or should this just be done soon-ish and if its before a purchase, its before, but if its after its after? Any thoughts?
Thank you so much to everyone! I cannot wait to connect and hear your responses.
Great work, @Grace N. . Thanks so much for reaching out in BiggerPockets. It’s a good start toward getting deals done correctly. Congratulations and I wish you a ton of success.
I can't help you with the first question as I stick to cash deals. I do recommend getting an LLC prior to doing your first deal.
@Amy Aziz Thanks so much for your advice!
@Grace N. Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! 😁
As for lender, depends on situation. If doing a BRRRR, you might do a hard money lender and refinance with local bank. But I would also offer to look into using FHA and FHA 203 to finance a multi unit property. Just depends on your needs.
As far as LLC, I hope I am not stepping on toes but when I see people say "my boyfriend and I", I think get a lawyer first. Protect not of yourself. Everyone thinks nothing can go wrong, but it happens I have 4 grand daughters and I would be telling them the same thing.
I also live in Dallas area. I am just finishing my first BRRRR and will also be looking for my next project. I will be focusing multi unit properties.
Have a great day!!
@Anthoney Hanks Thanks! I'm excited to be apart of this community! Thanks for the advice! I look into hard money lenders and into FHA and FHA 203.
And you are definitely not stepping on any toes! You're absolutely right, and it was a serious conversation that we had all about communication and expectations and what-ifs. You never know what the future holds. Do you have a lawyer recommendations? I'm going through the process of building a team, and looking for lawyers.
I hope your BRRRR finishes well. Good Luck!
My pleasure! Let me know if there is anything else I can assist you with.
Actually lawyers are something I need to work on two. At my day job, I buy a legal plan. Not sure yet how much it can help pass a will. But they do list real estate lawyers so we will see.
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