All Forum Posts by: Vijaianand Thirunageswaram

Ravi,

I have few questions,

Are you working with a Realtor or No Realtor?
Are you buying from listing or FSBO?

If you don't have a Realtor, that makes things bit hard. You have to do everything. As Dawn explained the steps, they are straight forward but Realtor will help take care most of it. Since you are a buyer, you get a realtor free as they are paid by sellers. The problem is the contract should cover all the items like what if you find a problem after inspection, when to close and so much more..

1. Have a contract which covers all your basis including earnest money deposit, title company you are going to work with, survey information, inspection, termination, option period etc.,

2. Do the inspection and go back if needs renegotiation if there is a problem with the house.

3. Close the house if there is no issue with the title. If they found issue with the title, ask seller to rectify and close it

Hope this helps.
Vijai

Hello

I am new to BP but involved in my local form and communities on real estate and small business. This is a favorite topic which comes up all the time from new investor or business owner. For a business whether its non-real estate or real estate, LLC is NOT a must to have. It helps to align your business properly and some cases it protects as others said but not full protection. But if you are partnering with someone, LLC or LLP would be a must to have with some good operating agreement.

I have 3 rental property myself and helped many to start on real estate investing as a Real estate agent, neither me or none of them have LLC except one who is partnering with his friend. So it is not a must to have and you can always move the title to LLC at later point as other said without much expense in Texas.

I would say as a new investor, try to get your feet wet by checking out properties with help of realtor if you already decided on your strategy and plan.