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Updated over 8 years ago, 04/05/2016

User Stats

22
Posts
6
Votes
Michael Haynes
  • Retail Manager
  • Chicago, IL
6
Votes |
22
Posts

Need help figuring out next steps with first deal

Michael Haynes
  • Retail Manager
  • Chicago, IL
Posted

So I have read and researched for close to a year, and I finally found something I want to move forward with.  I have no idea what to do next.

I found a 10 unit building for $250k, not in terrible shape.  I walked it with my GC, it needs windows, and some basic repairs (patching and paint).  The roof was done in 2014, and the foundation looks good.  

I have one financial partner to help, but we probably need one more party involved.  

Is this the point where I form an LLC, do I put it under contract now, do I bring the numbers to a lender? I know I want to do this deal, but I need help figuring out what to do next.

Any tips are welcome.  Or if someone experienced would like to get in on it with me, its in NW Indiana.

Thanks!

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