All Forum Posts by: Garrett Rockholt

Eric, thank you for your input! We are going to have an operating plan written up sometime this week. Did some researched and had some discussions based on some articles we read and will have it fine tuned with a lawyer. As far as the market experience goes, we are lacking on physically viewing the properties. I have ran some numbers on what i would estimate repairs to be with houses ive found on forclosure websites, zillow, and other sources although i doubt they were highly accurate. I am in the process of connecting with a mutual friends real estate agent who is also an investor specialising in flips and buy and holds. Once this connection pans out i plan on using him to get in and see multiple properties and hopefully mentor the both of us. I spoke with a contractor who has agreed to work with us and make himself available for short notice job bids. With regards to the financing side of it, id definately like to have a conversation with you. I am still getting familiar with how the bp website works and such but i will see if there is a way for us to exchange information. Thank you!

Thanks again Scott! I will definitely give that article a read!

Thank you Scott! There is apparently a lot more to the LLC sidw of things than i had anticipated so im excited to meet with my lawyer and learn more!

Thank you! That makes yhe most sense to me. My initial plan was to use wholesaling as a entry point to learn the process and get some cash from the assignment fee. Decided to go with flipping to start off once my partner approached me to maximize the profit and move a little faster. And i look forward to your input as I share our future deals! We will take all the advice we can get!

Thank you Jason! I was honestly thinking of driving for dollars to try and find our first few deals and using a wholesaler as my second option. Really trying to find solid deals that are really safe and make sense from a hml point of view. Again, I appreciate your help!

Awesome! Thank you for your input. We will be covering all those bases next week!

Hello Bigger Pockets! My Name is Garrett Rockholt. I am an aspiring real eatate investor based out of Amarillo Texas. I have a question with regards to flipping within an LLC to get started. Here is where I am at. Ive been educating myself over the past few years on real estate investing. The end goal is to create passive income with buy and hold real estate. A close friend of mine approached me today and asked me to partner with him and start an LLC to invest together. After an in depth discussion, I agreed and decided it would be the best way to move foreward. We decided to make a plan with the first course of action being flipping a few houses to pay off a little debt and stack some cash for our buy and hold real estate in the future. So my question is this, what is the appropriate course of action for these goals? Can you buy and flip in an LLC or is that mainly for holding your assets? We will be using a hard money lender to finance the flips. The quick cash up front is needed to pay off some personal debt on both sides and build some money in the LLC to work with. We are green. No experience in the game whatsoever. I really appreciate any input and will use it to use foreward in most efficient way!