OfflineGreetings to Everyone,
Unsure where to start out when building a team for investment.
1) Inc. or LLC which is better and why?
2) How to start your Inc. or LLC
3) Key components or people need for your team
4) What kinds of properties are best for holding long term
5) How to find honest and trustworthy tenants
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Chris
1. You should check with you local accountant as to which business entity would be best for you and your situation
2. If you do chose an LLC you can set one up with your tax professional, attorney or go to sites like www.legalzoom.com
3. There are several people that you should use on your power team, a good realtor (buyers agent), mortgage professional, accountant, title company, and an attorney would be a great start.
4. The types of properties that you will want to hold long term is a tricky question. I would recommend when starting out single family residences, 3 bed 1 bath, ranch style homes perferrably on a slab foundation, that will cash flow on a 15 year note. They must also be able to resell if you get in a jam.
5. As for finding trustworthy tenants place ads that state a credit check will go along with the application. Also state that you will need first and last months rent with a security deposit. When they fill out the application find out as much as you can from their previous landlord - how they were paid, what condition they left their property in. This will help you narrow down who will be a better renter but there is no exact science!
I hope that this information helps!
The comments that were posted in the above response are good ones and right on track. If you find yourself still having questions about things I would suggest doing 2 things. 1) you could sit and play the videos of success stories because they will give you little tid bits in each one on how to do what they did. You can put them all together and make a real time actual picture of what this looks like in action. 2) you can go back to the book "be a real estate millionaire" that Dean wrote. Look carefully in the sections that discuss this information. You will find more the second time through it or if you have not read the book, spend the $28 on it and you will not be sorry about it at any point in the rest of your life.
Another thought before I go, look at cable shows like the do it yourself network. They have shows on RE and flipping. You can see examples of what the real deal looks like and also see why you should not do certains things that others did, ie. learn from their mistakes!
Good luck!
Failure to plan, is planning to fail
Go get em!
FOMAC