Posted by Dan on December 09, 2000 at 08:26:01:
I live in the state of Virginia about an hour south of DC and my partner, Brian, and I have been working to get our feet wet in the real estate business for over a year now and are unsuccessful to this point, yet not at all discouraged. I am 22 and he is 25. Combined we make around $60,000 dollars with some debts.
What is the best way for us to utilize our money to get us off the ground and get this business we want so badly to get rolling? Residential rentals, commercial rentals, flips, or none of these?
One thing I do want to add is that we know a very good friend who does carpentry work and is very good at it. Should we possibly utilize this friend to help us get to where we want to go?
Also how do we get the money to pay this man if we use him to fix up the property? What ways do you know of that could possibly help us? Maybe your lending instituition could help?
Also, should we be incorporated or make each property purchase an LLC?
Thank You for your time