Serious Real Estate Investors Use LLCs: While brand new investors often try to bargain and justify reasons for not using LLCs or other forms of incorporation, all of New York’s biggest are virtually done in the name of LLCs.

This enables me to use a Lease Option on my first property, creating cash flow.

The basic process for reimbursement is:1) I request a draw for a certain amount and specify which items were completed.2) LimaOne sends out an inspector to ensure the work was completed.3) I receive the funds after ~3-4 business days.The problem with this model is that it doesn’t actually enable me to pay the contractors in a timely manner — the money is essentially inaccessible to me, so the end result is me paying for a high interest loan on funds I can’t functionally use while I fund the rehab out of pocket anyway.

Btw, these can be in person or virtual as long as they qualify as these relationships are pre-existing.

It’s beautiful, easy to install, virtually tenant/pet proof and if by chance an area gets damaged, you replace that particular piece, not the whole room.  

My investments have changed my life, changed the lives of friends and family, and they are enabling me to do what I love.  

During my time living here, I house hacked by living with roommates, virtually cutting my housing expense to zero if I average it out over the two years.

Hiring a virtual assistant may help also.

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.If you are not willing to put in the time to learn, then you need to find someone that has construction experience that can help you with this process.

My biggest concern is that I did not start investing to go into property management, so if I did start something, I'd want to do it in a way that creates synergy and enables me to maintain focus on why I'm in real estate in the first place.