Brand New Investor, Looking to Connect!

[Mark Clayton]

Hi BiggerPockets! I'm SUPER excited to have joined the BiggerPockets community. I've been reading as much as I can from this forum for a few days now, and figured I'd make my first post. I'm a cyber security specialist (i.e. still an employee) looking to transition into real estate. Currently, my chosen niches is flipping small single family houses and then hopefully transition into short term vacation rentals (the plan is still a WIP lol). Anyway, I just wrapped up the The Book on Flipping Houses and looking forward to joining the DFW community and getting started and connecting with everyone!

Additionally, I'd love some general guidance around the following as I work towards finding my first deal. 

1. Should I spin up an LLC before my first flip? Or wait until I'm a little more established before operating as a business entity?

2. As I'm building my team/network, I believe I have my GC and Private Equity Partner(s), Cleaning Crew, Pest Control, and Inspector. However, is it recommended at this stage I find a wholesaler? attorney? CPA? appraiser? Anything else? 

As you can guess, I'm filled with questions as I continue my journey but there's no need to bombard a forum in a single post :) 

[Antonio Barnes]

@Mark Clayton Hi Mark. Welcome to BP! I see that you are in Frisco. I'm in downtown Dallas! I'm new as well but my current focus is on buying distressed properties using the BRRRR strategy to hold long term. Eventually, I will get involved with flipping since the only difference from BRRRR would be to sell the property instead of holding it.

As far as the LLC, it's really up to you and what business you are doing. For me, I'm in the process of talking with hard money lenders to see if they only lend to business entities. If that's the case, I will setup the LLC (will have to setup one in the future anyway as I grow). If I don't start with a LLC, I will save money from not setting up/maintaining it, and I will just have liability insurance to make sure I'm covered from any slip ups with tenants. When setting up your LLC, I've read to do it as a disregarded entity so that everything passes through to your personal taxes.

I've made a list like you of people I need on my team. I would say network and add to your team as you progress. You don't have to have them all at once but make sure you have people in mind before your first deal.