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Updated almost 9 years ago, 02/02/2016
Have potential private money investors, but I'm a newbie
I've been researching and talking to anyone who will listen about starting to invest in rental properties for at least 6 months now. I just found out that a family friend wants to invest with me as far as money goes, they believe in me and my passion to make the deal happen.
So far I've decided on an area, I want to do college rentals in a town about 90 minutes from where I live.I've been crunching numbers, but I don't have my team in place. Where do I start, I know I need an attorney to create the contract for me and my investors, I know I need an inspector, a contractor, and I'm sure some other key players. How do I find these people, in what order, and what do I say to them?
I just want to start putting the pieces in place so that I can bring a solid deal to the table for my backer to get things started. Any advice on the order in which I need to build the team, when to file an LLC with my investing partners, and anything else that would guide me through my first deal.
Thanks!