All Forum Posts by: Jacob Hollister

Hey Jordan, Welcome!

I listened to the first 5 minutes and got distracted. I keep hearing good things about it so I'll put in a more serious attempt soon.

Jacob

Thanks for the quick replies.

@Steven, I agree with you and will do more research on the LLC taxed as a partnership.

@Elizabeth, good idea on living in the home and renting the rooms out, but I live in a different city now (Houston). I'll look into that down here, I live close to University of Houston Clear Lake and could rent a room to those students. Could I get an FHA loan on my personal home and still rent a room?

As for the College Station house, I just finished my undergrad this May so I don't have significant savings yet. I was aiming to purchase a house around $100k and out $20k down. Unfortunately, it would be awhile before I could afford that on my own so I was thinking about partners.

Howdy!

My goal is to purchase a house in College Station, Texas with 3 other recent grads and rent out to college students. My question is, what are a couple first steps I would need to begin working towards my goal?

I was thinking step 1 would be to start developing a business plan. This will help us define how the business would initially work and evolve. Having a completed business plan will be helpful to present to the bank when we ask for a loan to buy the first rental house.

Is there a template business plan for this kind of company? Would a 25 page business plan be too lengthy?

Step 2 would be to create the company. I haven't done enough research yet to know much about this step. I thought it was necessary to form a company because I have 3 friends working with me, is that not the case? What kind of company should it be? A Partnership? LLC?

Thanks for your time! I joined BP yesterday and I'm loving all the resources and community.

-Jacob Hollister

Thanks everyone. Glad to be here.

Howdy!

I stumbled across this site this morning when researching how to get into real estate and spent the rest of the day on BP reading all about the basics!

So many great resources here!

I'm looking to network with people in the Houston area and learn more about real estate, specifically wholesaling and getting started.

I hope everyone enjoyed their Labor Day weekend!