Just a few thoughts from someone who has learned things over the years, sometimes the hard way.
1. First, first, first - focus on meeting the right person or people who you’ll work with on your investments. Whether related to finding, evaluating/valuing, buying properties, renovating them, etc, it’s by far the MOST important to find trustworthy individuals whose values are aligned with yours. There are a LOT of questionable people in real estate who will be happy to “help” - and who will ultimately cost you far more than you planned for.
2. Second, do your research for a while until you’ve chosen a region to invest in, then travel there and spend a few days driving the streets you had already researched online and asked about. Do it on your own first so there’s no bias introduced, then maybe bring one or two locals you’re considering partnering with on your first BRRR to hear what they have to say and use the time to get to know them better as well. If they can’t make time to join you, they probably can’t make time to be a good partner for you down the road.
3. There are lots of people here and elsewhere who fit the great Texas description “all hat, no cattle.” Take advice from people who are DOING what you want to do and doing it well. If they have advice and want to help but are not involved in real estate investing and can demonstrate they’re experienced and successful at it, you’re listening to bad advice. Maybe good to ask them to show you some of their rental properties while you’re in town doing your personal research of the area (maybe without letting them know ahead of time).
4. Last, use the BP calculators and cross check them with local “rules of thumb” and other knowledge from investors who are active IN that specific area. They can usually look at a property, look at your numbers, and very quickly tell you if you’re spot on or if you’re missing something bigtime.
Hopefully you‘re picking up what I’m putting down here. Focus on getting the people (talent) right first and do it REALLY well, and you will be far more likely to succeed.
Nate
Originally posted by
@Tae Kim:
Hello savvy investors :)
I'm from Sydney Australia,and planning to invest around the lake Erie starting from Detroit area.
Where would be the best state to set up LLC?
Is it Wyoming, solely based on the tax?
I need to set one up ASAP and this is my very first step in this journey to be full time BRRRR investor :)
Also what would be the cost to set up and annual running cost? Me and wifey will be the joint owner of the LLC.
Lastly, do you know anyone can good at this at good prices? Or would you say this is something I can do it myself(and no trouble later! :) )
Love to hear from you all please !
