Starting Out - Organization & Legal
Hello BP, this is my first time posting. I'm 29, live in Minneapolis with my young family in a SFR we bought in 2013, and am interested in long-term buy and hold investing. I am thinking of starting at with 4-plexes, triplexes or duplexes - units that will cash flow steadily. Would love to some day get into commercial residential or retail. My dream is to build a buisness where I can eventually outsource most of the day-to-day tasks and generate a passive income stream that allows me to stop trading time for money.
My situation is this: my parents bought the house I grew up in from my grandparents, with a family discount, and are interested in keeping it in the family going forward. It's likely we will move in the next 1-3 years, and wind up with a very nice home (600-700k) with a mortgage at what I can afford on my salary (250-300k). Thank you mom and dad! I'd like to be set up and prepared by that time to use the equity in the home to start investing in other properties. I'm also working on building a nut outside of my retirement accounts (at about 8k right now) to use for this business.
To feel confident, I want to have a solid understanding of how to set up a business, proper insurance coverage, each step in the process of making an offer through closing a deal, and a strategy for managing the property. I've been reading on BP now for about 8 months and have what I would consider a moderate foundation of knowledge, but I know I need to now take some more definite steps to get off the ground. Basically I want to build a business plan and understand all the steps from today to I'm-a-landlord-with-tenants.
Are there any buy and hold investors in south Minneapolis / Richfield that would like to connect and could share some ideas, offer guidance, or refer me to good resources? Books that you have found helpful? Tips for the Minneapolis market right now? I know I'm a fast learner and good problem solver and once I'm going I'll be able to grow and expand.
Thanks!