New Beginnings! Creating my Real Estate Investment Business .

[Leroy Fellis]

Hello All,

I am so happy that I found BP. I am currently 28 years of age, but I have had the REI bug since I was 22. I have been so scared to start anything because I honestly had no Idea how to start. I began trying to read books and gain understanding of RE as a whole. At the time the more I read the more the fear grew. Around December 2019 a friend of mind implored me to read the book, Feel the Fear and do it anyways. After reading this book my fear has diminished greatly.

With that being said, I am ready to begin. I have two questions. First, how do you Manage buying property in another state. I am originally from Florida, I lived 27 of my 28 years in South Florida. I recently moved to Long Island NY. I want my target market to begin in South Florida. What advice can you all provide to me on getting this done efficiently and with much success. The niche that I want my Business to be centered around are single Family Homes and small Multifamily homes (Multifamily being the prime Target). The strategy I am thinking we will focus on is mainly Buy and hold (As well as any modified versions of this (looking for cash flow and paying down mortgage and appreciation as main goals)) but flipping on occasion with Single family homes.

My second question, how to truly get started. Do I need Financing now? if creating a business with partners whose name/ credit is used to acquire a mortgage. The first property I want to purchase is a Quad. I plan on having my mother move in to one of the units. What do you think is the best way to finance this deal? Would I use my mother’s Credit and income, or the business?

I appreciate all the Feedback you all provide on this. I plan on being a very active member on this Forum and Site. As soon as the company purchases is first Property, I plan on going Pro on BP.