All Forum Posts by: Mo S.

I highly doubt it is true... the first property I bought was a rental property when I was 19 (about 4 years ago). I never heard about this law at that time, nor have I heard about it since. As others have mentioned you should check with a real estate attorney if you are concerned.

Thanks J Scott!

You make an excellent point about business credit and that is something I'm looking into as well. Do you have any suggestions on which business credit card(s) to apply for? I know Advanta was a good one but they went out of business.

Will & Tamara,

Thanks for the advice! That was my thought process going in, but just wanted some confirmation.

Thanks again!

I'm currently looking for my first flip and have received conflicting advice from some of the local investors I've spoken to. Some say it is better to get your feet wet and go through the first flip from start to finish before setting up an LLC while others say to set it up beforehand.

I will personally be investing $75K into the venture and my father is willing to invest an additional $100K in exchange for 30% of the profits.

I think we'd be better off getting the LLC taken care of before purchasing our first property in order to protect our personal assets, but others have said it isn't a big deal if we have insurance and use contracts to properly protect ourselves with contractors, etc.

I'd really like to hear the opinions of experienced BP members and I would appreciate any advice!

I couldn't agree more. I think reviewing someone else's contracts is good a good idea if you use it to give your attorney an idea of what you want. Using a contract without fully understanding if it is even valid/enforceable in your state can lead to serious consequences. I don't remember where I read it but the quote "contracts are agreements for disagreements" always sticks with me. You probably won't have a problem if everything goes smoothly because no one thinks about the contract, but you can bet people look over the contract in great detail if there is a problem.

It's better to spend the money to speak with an attorney and have him draw up contracts for you to CYA. It's definitely worth the money.

Bill,

I'm assuming Greg meant a General Contractor. I'm new to all this but I can see his point about why a GC is a better way to go. It will free you up to work on your systems and processes and build your business. You might save money doing some or all of the rehab work yourself, but it will eat up a lot of your time. Hiring a GC and/or subcontractors will allow you to focus on marketing your flip, networking, and searching for your next deal.

Thanks for the warm welcomes Ted, Bryan, Jackie, and Joshua!

I spent a few hours last night just reading through the information here and I have learned a lot already!

Bryan, I will definitely get in touch with you when I'm ready to get started. I'm going to continue to research various RE strategies to figure out what exactly I want to start with and hopefully master. I'm also going to my local REIA meeting on Saturday so I'm sure it won't be too long until I'm ready to take action! Thanks for the offer!

Hi all! This looks like an awesome place to learn from and network with other investors! I'm glad I found it!

I'm from Houston, TX and looking to get started in real estate investing. I'm not sure exactly where to start (i.e. wholesaling, rehabbing, etc) to generate additional capital, but I know my end goal is to build a rental portfolio.

I'm looking forward to soaking up all the knowledge I can from these forums to help me on my journey!