New Member from Rhode Island/Massachusetts - New Investor = Clueless!

[Elizabete De Lima]

Hello BiggerPockets Family!

My name is Elizabete and I am a real estate agent (part time) in MA and RI. My full time job is a field applications scientist for a biotech company located in California.

I have been in the real estate market for 2 years and truly enjoy it.

I always wanted to own rental properties, multifamily units, single family homes yet get STUCK in the minutiae! Do many get a conventional 30 year loan and pay it every month with the excess rent money? How do you get ahead with more properties that way?

If you have someone that wants to invest in a home with you to flip how do you go about that? If you are the agent and they are the laborer.

Do you operate as an LLC, LC or corporation? Tax implications.

I have looked at my local REIA and will be attending that meeting next month.

I am hoping to learn more through you all that have experience. I will share everything and anything that I know.

If you want to know Hockey or soccer or microbiology or flow cytometry or how painful an online MBA program is, I can help you with that!

Thank you!

Liz

[Tom S.]

@Elizabete De Lima

Welcome to Bigger Pockets! I invest up in Vermont.

Personally I buy, rehab, and rent out long term. Have generally used small local banks and commercial loans, allowing both purchase and rehab funds to renovate properties. Yes, the rent pays the mortgages, generally 15 or 20 year terms. I never do 30. I've also used some owner financing over the years to purchase properties.

I don't use a LLC, just a personal umbrella insurance policy, and the taxes are done on Sch E.

Hope that helps and good luck!

- Tom