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Updated over 5 years ago,

User Stats

15
Posts
4
Votes
Reginald Collier
  • New Jersey(near Philly)
4
Votes |
15
Posts

Newbie needs direction!

Reginald Collier
  • New Jersey(near Philly)
Posted

Hey Guys/Gals. I Live in South Jersey BUT i'm interested in attaining Rental Properties in DE or PA. Wondering what's first? Do I need an LLC, Tax Guy, Lawyer, RE agent, Financing, Mentor, property manager, contractor, etc etc. I know eventually it's probably all of the above. But i'm stuck in figuring out, what my actual 1st move should be.

Let me start by explaining what i'm looking for and what my current scenario is:

I am working full time M-F.   I'm in my 40's and am looking to retire in under 10 years by exchanging my work salary with Rental Property Income.   Looking for at least $5,000/month Net Pay(cash flow) in rental property income.  Not sure how many properties I would have to attain to get there.   But that's what i'm here for.  Here are some stats to help answer some questions you might have:

750+ Credit Score

Owe $212,000 mortgage(worth $265,000+ on Zillow)(mortgage $1900 inc taxes, ins, etc)

$1500 cash flow per month after all bills

will have $15K-$20K avail by years end(mostly via Personal LOC....for down payment if necessary)

$40k-$50k avail in Credit cards(might be helpful for fixing the place up)

looking for Rentals in the $100k range.(yet cash flow is the most important aspect in picking rentals)

I am in the process of clearing $7K of credit card debt.   Yet I have an itch to get started!(probably from watching too many real estate videos)

So would it be wise to start forming an LLC? Contact a Real Estate Agent? Contacting my Bank? How do I find a good tax guy that knows the real estate biz? Do I need a Real Estate Lawyer? Who do I contact about starting a "portfolio"(been hearing that phrase being thrown around). Should these contacts be in another state?

I feel that these are some of the underlying questions that the videos don't go into detail about.  I AM SOOOOO CONFUSED ON WHAT THE WISEST FIRST STEP SHOULD BE.

Any help is appreciated.  I would like to find a mentor who's brain I can pick.

I have been watching and reading a ton of content, but it's hard to summarize what to do first since there are sooo many avenues to explore.

Please Help.  thx

-Mark

P.S., i will be starting the bigger pockets beginnings guide after this, but not sure how granular it will get.

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