What a great site. I live in Texas and am interested in investing in single family, duplex etc. What should my first step be? I assume I should set up an LLP to sheild my investments. However, I understand this may not totally sheild me from the franchise tax you have to pay in Texas. I’m looking to rent the properties out and not flip them. I have great credit and have cash available as a down payment. Any advice where to turn for financing. What"s good book keeping software? Also, any other advice would be appreciated for a beginner. I’m new to this but am very intrigued. Thanks in advance!!!
One of the first steps I tell my students is to get in touch with their HUD Agent for their area. You can get some No money down deals by using a hard money lender to buy these homes.
Most newbies make the mistake of thinking they need an entity before they do their first deal. That’s putting the cart before the horse. Do a few deals, make some money and then worry about setting up an entity.
Having enough money for a down payment isn’t nearly enough if you’re going to hold property long term. Make sure you have funds set aside for maintenance and expenses as well. Holding rental property can be expensive at times.