Have a Plan....But Needs Work

[Alexander Flores]

I am new to the whole REI world and am very excited to hit the ground running. I have a plan that I have drawn up as to how I want to go about my investing but am still hesitant on starting it up. I have 2 people who would be a partner of mine, to help me fund my first buys. I want to start off with buying and holding at first then maybe go into flipping homes once I get some cash flow and stability. But without any real guidance by any one in my social group that shares the investing idea. Sorry if this is a common and annoying post, just trying to reach out to like minded people. Thanks!

[Bill Gulley]

First thing, learn RE, not RE strategies, you should know what an agent knows before putting other people's money at risk.

Then you can look at strategies and understand how different situations will call for different strategies, you'll be applying the basics you learned.

Before using partner's money, you need to define the partnership, the splits, profits, liabilities, what happens if someone drops dead, what happens in other situations and how you buy out other partners. You really should see an accountant and an attorney.

Then you'll be ready to go hunting, you'll be loaded for bear RE! Good luck :)