All Forum Posts by: Nicole B.

@Jose Torres in the future, please reference my profile name as I did yours. This site didn't alert me that you had another question since you didn't reference my name. I just happened to stumble back to this.  

Anyways, here's the website www.meetup.com.. from there make your profile and search for real estate investments in your town.  Then click to join the group and write a quick blurb about yourself.  From there you will be alerted when a meeting is close by. 

You're right that your reputation in this industry is monumental.  If you want potential partnerships with people, they need to know you can be depended on.  Have you signed up for the website "meet-up"? you can search for local real estate investment meetings in your area. 

Good luck!

Using the MLS solely to find a investment property is not the only way to do it. From what I have heard, very few deals come from the MLS.

One way to find a deal is drive around a neighborhood that fits your/your client's criteria and look for homes/multi-family homes that are distressed and look like they could use some love.  Odds are, the owners of the property are tired of managing, are out of state , have a poor management company, etc and may be motivated to sell.  Either knock on the door to get the owner's information or find their name and number online.  There are sites out there that allow you to pay a fee for that information.  From there ask if they're interested in selling. It's called "driving for dollars".  You need to get active and get out there!

Another really great way to find property is to network with other real estate investors and/or agents.  Someone might be wanting to sell a property but hasn't had time to list it yet.  Networking is monumental in this arena.

I also suggest you read and learn as much as you can about real estate investing.  The more you learn, the more strategies you will have under your belt to use!

@Cody W., 

To mirror what others said, the best advice we can provide is for you to learn and research before you jump in.  The idea is to learn from others mistakes so you don't have to learn from your own. 

Also, as others have said, if we don't know what your goals are, how can we advise you on how to proceed?  What I am currently doing now is determining what area of real estate investing I want to get into.  Once I feel comfortable with a strategy, I plan to become an expert at it.  Focus is key to be successful. 

Regarding your question on putting a down payment on a couple properties as opposed to buying one property, that really is up to you and what you're comfortable with.  From what I've learned though, is that leveraging debt is the best use of your time and money.  You can build wealth much quicker that way than if you were to buy one house at a time in full.  But again, it depends on your comfort levels. 

Learn some REI calculations, read, and do some more reading.

Welcome @Richard Burke!

I am new to investing as well.  I find that answering posts on here, watching podcasts and reading blogs can be extremely helpful.  I found some local real estate investors meetings from the site called "meet-up".  I suggest you sign up for that and join some local groups.  Networking with other real estate investors is very important if you want to be successful.

Daniel, 

Your best bet is to hire a lawyer and/or CPA and talk out all your options.  That way you know you filed the proper paperwork for whatever entity you decide on.

I am a tax accountant and have a little insight into these entities. Whatever business you decide on, you will need to protect yourself from any potential liabilities . If you want to set up a sole-proprietorship you should become a single member LLC. You can also setup an LLC that's taxed as a S-corp. Both of those entities may sound similar but they are different in how they tax income. That's why I suggest you meet with a lawyer or CPA to go over what works best for you.

Hi Anthony!

Welcome to BP! I would say the best way to protect yourself from bad tenants is do your homework on them before you have them sign the lease.  I suggest you meet with them first and get a feel from them.  Your gut is usually a good indicator.  Another way is to get references from past landlords, bosses, roommates.  Look at their credit history, do a background check and verify that they have a current income.  Going through those processes will usually throw out red flags if there are any. 

But please note, even doing your due diligence doesn't mean they are 100% going to be a perfect tenant.  There is some risk involved that you will just have to accept.  

Good luck!

@Kaydee Kitchen 

Welcome to BP! A good way to meet people is to continue posting and answering others questions on here. It gets your name out there which can lead to further discussions. From there you could talk through the private messaging and get peoples numbers/contact info. I always advise that whenever you meet with someone that's giving their advice, always be super grateful and offer to pay for their coffee/lunch/dinner. They are giving you their time which is mighty valuable in this industry. And once you become more established in your REI career, give back to new people. It's the pay-it-forward mentality within this community.

Another really great way to meet investors is go to real estate investment meetings around your area.  The best way to find these meetings is by signing up for "Meet-up".  You can search by location. 

Good luck!

I suggest that before you jump in, you learn as much as you can about REI. This can be a risky business and you don't want to get stuck in a situation where you can lose your money.

There are plenty of book recommendations, podcasts, blogs, etc available on this website.  Just put what you're looking for in the search and go from there.

Good luck

@Steve Vaughan while you are right that S-corps and LLCs are not the same, she could be referring to having an LLC that chooses to be taxed as an S-corp.