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BlogsNew Investors in HoustonWhere we're at

Posted over 9 years ago

Where we're at

Hi there, I'm Tom.  I keep pretty busy so these posts will be brief.  They're primarily just meant to help us keep track of our progress.  Perhaps others will read our posts and offer advice.

Story so far:

A couple months ago I called up Russ, my good friend from high school, and we decided to start a real estate investment company.  Both of us are from the Houston metro area.  He still lives there and I live in Melbourne, Australia.  

What we've accomplished so far:

  • found a potential mentor in the Houston area who is experienced in flips and has around 20 buy and hold rentals.  lunch scheduled with this person.
  • found an investor-oriented buyers agent who provided references for mortgage brokers and contractors.
  • bought J Scott's book on flipping houses and estimating rehab costs.  currently going through these.
  • reached out to a loan officer recommended by a family member.  he was away on holiday, will follow up.
  • created a company logo and website. perhaps a silly thing to do at this point, but it was fun anyways.
  • analyzed a few deals using the bp calculators.  need set up system of analysing 3/day.

Major goals w/in next two weeks:

  • talk to mortgage broker and get pre-approved.
  • determine potential markets w/in the Houston area.  currently looking at areas in south houston w/ good school districts (i.e. friendswood, pearland, clear creek, and sugarland) due to proximity to Russ's house.  Also considering katy, the woodlands, klein and conroe.
  • find out more about the need for llc incorporation, how much this would cost and how to go about it

Time to analyze some properties,
Tom

Comments (3)

  1. Hi Tom,

    The LLC forming process is not complicated or expensive I've recently used RocketLawyer ($224), and I've used LegalZoom ($340) in the past.

    Both companies would offer a host of add-ons that would drastically increase the price.

    An example is: Obtaining your EIN number. RocketLawyer would do this for you for $70 (Or if you follow this link and have 15min, you can do it yourself for free)

    https://www.irs.gov/businesses/small-businesses-se...

    I hope this helps

    Ryan Cameron, over 9 years ago


  2. Tom,

    Sounds like a great start. Are you focused more on flipping for resale or holding as rentals afterwards?  Only other thing I would think about adding to the list is to reach out to a few good property wholesalers to supplement the work your agent is doing.

    Isaac

    Isaac Taylor, over 9 years ago


    1. Good advice, thanks Isaac.

      Tom MacDonald, over 9 years ago