Newbie from DFW (Fort Worth area)

[Jacob D.]

Hi All,

I've done some reading up on the BP forums and thought it was time to finally introduce myself. I'm Jacob, mid-20's and work in corporate finance. My main goal is to save cash over the next 3-5 years and in the meantime get educated - right now I am leaning towards a buy and hold/rent for cash flow long term strategy (SFH). My hopes is that this will help my family become financially independent over the next 15-20 years.

As far as saving goes, I think I need money for at least 20% down, as well as a rainy day fund for fixes, empty vacancy, "contingency", etc. My thinking for this cash reserve would be at least 1 years worth of rent - as a starting point. I'd also like to explore creating a separate LLC, to limit exposure and any possibly liabilities to my family & personal home. Is this a sound plan? Any thoughts would be appreciated.

Other than reading the message boards & learning about my local real estate market, does anyone have any required reading (books)?

Is it worth it to pursue my own real estate license (save on fees/commissions) or should I find one that I trust and deal with them?

Anyone aware of any local clubs/groups in the DFW area that talk real estate?  I always think it's helpful to learn from others - the way I see it, the more information & perspectives that I hear, the better.  Then I can decipher from there.

Thanks,

Jacob

[Chris Soignier]

@Jacob Davis - welcome to BP!

I looked into creating an LLC, and IMO, it's probably worth looking into buying an umbrella liability policy as an alternative, at least until you reach critical mass in your portfolio. I've done neither, since I invest in MF LLC's and my liability is limited to my initial investment. Also, one year of rent sounds awfully conservative for reserves, but if it helps you sleep at night, it may be worth it.