I wanted to say hello, and I’m excited to be here. I am taking big leaps in my life right now. I have been an electrician since I was in high school. So about 23 years. I grew up in an old farm house my parents bought when I was 8 and spent the next 12 years rehabbing it. Great learning experience. I’ve worked for contractors my entire career, doing side work for friends and family on the weekends. I am tired of working the 9-5, working for someone else, and paying into retirement funds hoping to get by on them someday.

I am about to quit my day job and take my side business full time to fund my (upcoming) rental business. I have a single family house I am going to purchase, it’s on a gentleman’s agreement (handshake). A long time friend owns it and started the rehab, but has run out of interest and time. He is doing owner financing.

So my question, I am thinking of starting an LLC just for the rental company. So this first property is from a friend and owner financed. My plan is to aggressively pay it off then the ‘brand new' LLC will have two years of tax returns, an asset to its name, an established book. So when I go to buy a second unit, a lender will look favorably on me.

Steps:

1 start LLC

2 purchase single family rental from friend and pay off

3 purchase second (multi family?) unit with mortgage

4 second unit pays for itself, while first unit pays mortgage for me to build own home on a lot I own

What’s everyone’s thought on that?

Excited to be here,

Brent Benoit

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Excited new member in Pennsylvania

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