All Forum Posts by: Dean Taylor

@Luke Miller, @Scott Smith, @David Steinbok, @Larry Turowski Thank you all for your honest and open feedback. This is one of the reasons that I have really enjoyed the Bigger Pockets community. You are able to post questions and learn from others experience and expertise. Your comments are really appreciated. I am learning that it does take time and patience. Thank you again for your feedback and sharing your insights. 

Hello Bigger Pockets friends,

I have been reading books about real estate investing and reading blog posts on Bigger Pockets trying to get educated. I want to lay a good foundation for starting my business. I am currently working full-time, but realize that if my goal is to do this full-time, I will need to cover health insurance. I have some questions transitioning to doing this full-time. I have a couple of partners with whom I am working as well. We have been working to develop a team with whom we can work. We have identified a CPA, a real estate attorney, and are establishing relationships with real estate agents. We have met with our CPA and been advised about business entity structure. However, we have not yet created it. We have a draft operating agreement, but need to meet with our attorney to finalize and set up business entity structure. We are also working on identifying a lender(s) with whom we can work. However, I have questions and wanted to see what advice others might have that have blazed this trail before on establishing your business. Here are some of my questions:

1. What are you doing to cover your health insurance for you/family (if applicable)? 

2. What were the steps you followed to set up your business?

a. Did you create your business entity first? 

b. Do you have a checklist of things that you would recommend following in order to lay a strong foundation?

3. Anything that you think would be important to do to set up the business?

I know that is a lot to consider. If you have any recommendations on books or websites about setting up business that you have used, I would be interested to know that as well.

Thanks Andrew for sharing your thoughts and insight.  I appreciate you taking time to respond to my question. You mentioned giving up control to the lender, could you expand on what your was thought about this? I would be interested to know more about what your thoughts.

Hello, I am new to BP and have really enjoyed what I have read so far. Before joining BP, I had been looking into multi-family housing specifically, apartment complexes around 300 units. In my research, I found out one way to do this minimize my upfront investment is through a HUD 221(d)4 loan. This is the niche/strategy that I am focusing on. I have not done one of these before, so I wanted to see if anyone here is familiar with this type of lending and project. If anyone is familiar with this type of strategy and is willing to share any tips or lessons learned about doing this kind of financing and project, I would be really interested in your thoughts/feedback.