Rookie investor, rehabber startup advice

2 Replies

Hello all! 👋🏼

My name is Britney Allan and I am a rookie real estate agent, newer house flipper/rehabber looking to get more in to rentals. I am located in Central Missouri. If you’re located nearby, I’d love to connect!

My dad and I currently have 2 houses in our possession we are working to flip (wrapping up the first one to sell next month). It’s just us, unless we decide to subcontract work out. I’m also a newer real estate agent as well with a small brokerage. I am looking to get 1-2 rental properties by the end of this year (#of units doesn’t matter as much, open to multi-family and single family).

With all these things I'm doing, I feel like having an LLC is a smart move for my situation. However, I've read and listened to podcasts on BP stating that it might not be that smart unless you have several rental properties. What are your suggestions and thoughts?

The properties we already have- we’ve paid cash, but once I purchase a rental property on my own, I won’t be in the situation to pay all cash. So, I’m wondering what the best options for lenders are: portfolio or the standard bank-style lending, and why?

Thank you in advance and I look forward to learning from and with everyone! 😁

@Britney Allan Hello from Columbia. Central Missouri seems to be a great place to invest. I work for Iron Gate in Columbia and work primarily with investors in the Columbia area.

As for LLC vs. personal, I own most of mine in LLC's but I know many people who do it both ways. These questions are probably best for your lender and or CPA to see how either of them benefit you and your situation.

Originally posted by @Britney Allan :

Hello all! 👋🏼

My name is Britney Allan and I am a rookie real estate agent, newer house flipper/rehabber looking to get more in to rentals. I am located in Central Missouri. If you’re located nearby, I’d love to connect!

My dad and I currently have 2 houses in our possession we are working to flip (wrapping up the first one to sell next month). It’s just us, unless we decide to subcontract work out. I’m also a newer real estate agent as well with a small brokerage. I am looking to get 1-2 rental properties by the end of this year (#of units doesn’t matter as much, open to multi-family and single family).

With all these things I'm doing, I feel like having an LLC is a smart move for my situation. However, I've read and listened to podcasts on BP stating that it might not be that smart unless you have several rental properties. What are your suggestions and thoughts?

The properties we already have- we’ve paid cash, but once I purchase a rental property on my own, I won’t be in the situation to pay all cash. So, I’m wondering what the best options for lenders are: portfolio or the standard bank-style lending, and why?

Thank you in advance and I look forward to learning from and with everyone! 😁

You are in the right place Britney!

     

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