First-time Real Estate Investing
Hello everyone, I'm new to this forum and diving into real estate investment for the first time. Recently, I've converted my home in Georgia into a rental property and I'm eager to expand. To kickstart this journey, I've launched a dedicated LLC. Here are a few initial questions that I have:
- - I'm wondering if there's a recommended corporate structure for these type of business activities, focused primarily on both short-term and long-term rentals. I currently don't have any business partners, but I may look to add someone to my business.
- - Any insights on the types of loans I should be exploring? I've heard about DSCR or Fix and Flip loans. My aim is to preserve cash and minimize the down payment as much as possible. Note: I left my corporate job over a year ago and building a startup (beyond real estate) so I believe this limits my options re mortgages, yes?
- - When you began investing, did you start small with residential properties or did you dive into larger opportunities right away?
- - For someone just entering this field, do you have any general advice? I'm interested in hearing about the good, the bad, and the ugly aspects of real estate investment.
- - Lastly, does anyone have any spreadsheets, calculators, or other tools for quickly assessing the feasibility of potential investments? While I can create something myself, I'm curious if there are any efficient tools available that might make sense for me to use.
Thanks y'all.
JB