Real Estate Investing Full-time

[Dean Taylor]

Hello Bigger Pockets friends,

I have been reading books about real estate investing and reading blog posts on Bigger Pockets trying to get educated. I want to lay a good foundation for starting my business. I am currently working full-time, but realize that if my goal is to do this full-time, I will need to cover health insurance. I have some questions transitioning to doing this full-time. I have a couple of partners with whom I am working as well. We have been working to develop a team with whom we can work. We have identified a CPA, a real estate attorney, and are establishing relationships with real estate agents. We have met with our CPA and been advised about business entity structure. However, we have not yet created it. We have a draft operating agreement, but need to meet with our attorney to finalize and set up business entity structure. We are also working on identifying a lender(s) with whom we can work. However, I have questions and wanted to see what advice others might have that have blazed this trail before on establishing your business. Here are some of my questions:

1. What are you doing to cover your health insurance for you/family (if applicable)? 

2. What were the steps you followed to set up your business?

a. Did you create your business entity first? 

b. Do you have a checklist of things that you would recommend following in order to lay a strong foundation?

3. Anything that you think would be important to do to set up the business?

I know that is a lot to consider. If you have any recommendations on books or websites about setting up business that you have used, I would be interested to know that as well.

[Larry Turowski]

@Dean Taylor Your post makes you sound like you are unfocused and getting way ahead of yourself.  You start off talking about going full time and that entails covering health insurance.  Then you talk about getting a team together, then oh, you have partners, and ask how should you set up your business.

Full time is way off, unless you expect your partners to pay you a salary.  Focus on finding a deal.  If you don't have a deal all this over stuff is just busy work.  Once you have a deal then focus on your partnership.  Do a bunch of deals and then start thinking about going full time.