Good luck in your new venture!

I started and sold a few companies, and get paid from a few ventures now.

Hello fellow BP members.I am 25 years old and plan to venture into the RE world by taking advantage of the first time homebuyer program.I am considering purchasing a multifamily (duplex-fourplex) living in one unit and renting out the others.I am hoping for the rent to offset the mortgage and expenses.My questions are:What to look for?

Okay did a wrap with a seller.Added as a additional beneficiary on the policy.Policy comes up in March.Insurance company was fine putting me as an additional insured but then the owner of the company calls the seller a few months after closing and said his employee never should have told her that.She doesn't have any written communication or a recorded call from the employee saying it was okay just the phone call before the closing happened.Now the owner of the insurance company says he wants to see the seller back on title before he will renew the policy.I mentioned I could add her as additional insured and she said the lender would be required to have her as primary.She is freaking out about the insurance issue and thinks the lender will call the loan.She wants a quit claim back to her and an agreement form her attorney that I manage it but still own it and I can buy her out at a later date.I told her I would not agree to this.We have completed substantial improvements to the property and have gotten out the bad element.What I have come up with I believe will shed light on her true intentions.I am thinking of creating a Joint Venture partnership or something similar where she is given 5% non-controlling interest in the property.This would add her back on title and then the insurance should not be an issue to renew.I am checking with an attorney on this now.Want to get thoughts on this issue.

I feel like I have finally saved up enough money to start venturing into it.I've started writing my business plan and looking into properties.

You play venture capital here that can be a double edged sword so learn before you dive in and it may actually work.

Denise,Congrats on your wholesaling venture.

I'd venture to guess that even in the turn-key world, averages are meaningless.

I'd venture to guess that there aren't any standard businesses paying an effective tax rate of 60% given our current tax laws.

Good luck with your investing ventures.