Getting Started in Memphis TN

[Robert Beauvais]

Hi, my name is Robert (Bob) I am in IT Sales in Memphis TN and looking to start a Real Estate Investing business. I have little experience outside of being a home owner several times throughout my life. I have been doing a bit of research and reading the past few months which is how I found BiggerPockets. I currently have a high level outline of what I want to do with this business though I require more detail and am open to making adjustments as needed.

Goals:

- Long Term (20 Years) Primary Goal: Establish a Rental Portfolio providing enough cash flow to support my business partner and I through retirement. Estimated rental property cash flow of $300k annually, estimated properties owned 25. Based on a 30/35/35 split between reinvest/my salary/business partner salary with each of us taking home $105k annually.

- Mid Term (5-10 Years) Secondary Goal: Establish and grow the real estate business to the point that we can seriously consider running it full time (walking away from our 9-5 jobs). In order to achieve this we envision a the same business revenue of $300k and the same split of 30/35/35. The difference being the source of revenue; instead of 100% rental property cash flow we would look to acquire 17 rental properties with an average cash flow of $1k/month while achieving an average profit of $10k per property on 10 flips annually.

-Short Term (6-12 months) establish a business, purchase, rehab and sell our first property while meeting or exceeding a target profit of $10k. Rinse and repeat, while incorporating new ideas, knowledge, and lessons learned through networking and our own experiences along the way.

I welcome the opportunity to network with successful investors that are willing to guide me around pitfalls, as well as beginners that would like to compare notes and help each other get started.

I am currently looking for information and contacts for corporate and tax attorneys to solidify a company plan and structure that both protects us and our assets from liability, but also provides appropriate tax advantages.

Thanks for reading, I look forward to sharing ideas and receiving your input on how I can achieve my goals. I am especially interested in those investing in Tennessee or Mississippi as I live in Tennessee near the state line with Mississippi and hope to find opportunities in both states.

-Bob

[Douglas Skipworth]

Hi, @Robert Beauvais.

Welcome to BiggerPockets.

Your plan sounds great!

Kevin Hudson and Greg Ziskind at Hudson Ziskind are good real estate attorneys who can give you assistance in setting up the properly legal entity for your properties.

Also, be sure to take up @Stephen Akindona and @James Martin on their offers to help.  They are knowledgeable investors and top notch individuals.

Best of luck to you!