All Forum Posts by: Logan Woody

Hi everyone,

I am a new investor located in Fort Worth, TX, and I had a few questions for starting out.

1. First off, I have other two business partners that want to invest with me in some property here in Texas. After several discussions and research, we think it would be beneficial from a tax and structural standpoint to form an LLC for each individual property. My question is with financing; I want to have the loan with the business, and have my partners and I guarantee it, but I have no idea how that works (or if it can). Or, maybe people in a similar situation as mine have done it differently with partners. I will most likely continue to do business with these two people. Any tips on structure would help here!

2. I want to manage the property myself (this will be outlined in the operating agreement for the newly formed LLC) and I am contemplating different property management software. From my research, it looks like Avail would be the best for me as I will only have one property starting out and it's only $10/month. Any suggestions?

3. Does anyone know of a CPA that specializes in rental real estate near Fort Worth, TX? Any suggestions are welcome.

Thanks,
Logan

 Thank you for the detailed reply! That is awesome that you are full-time in real estate. To answer your question, I currently rent for about $350/month plus utilities because I split it with my girlfriend. I have considered buying a duplex and renting out the other side, but I currently am trying to become as educated as possible to make certain that I am acquiring good deals. I think it sounds like a great opportunity, though. Hopefully, with enough perseverance,  I can get my first deal done within the next year or year and a half.

 I appreciate it, thank you!

Hi guys!

My name is Logan Woody, and I am new to BiggerPockets and real estate investing. I graduated from the University of North Texas (UNT) in May 2018 with a BBA in Finance, and I started my first full-time job as a commercial credit analyst in June. During my time in college at UNT, I had the pleasure of taking two real estate courses with professor John Baen. He sparked an interest in real estate in me, and I have been educating myself since. I am currently reading "Rich Dad, Poor Dad" and have been listening to the podcasts constantly.

For the most part, I am interested in residential single-family homes to begin with. I will have extra savings due to my low expenses and have been contemplating ways to invest it, and I always seem to come to the conclusion of real estate investing. My end goal is to have a passive income stream that will, one day, become big enough to where it can cover my expenses entirely. Hopefully, through the amount of research, time, and effort that I put into this, I can meet enough people and develop enough connections to become successful in this business. Happy to be here!