Fete Lifestyle Magazine June 2023 - Travel Issue | Page 30

Very Important Starters

•Set up a corporation, whether it is an LLC, S-Corp or C-Corp.

•Consult with an attorney who handles real estate purchase/closing transactions.

•Consult with a CPA or Tax Preparer.

•Consider getting a real estate license.

•Build a relationship with 2 bankers, loans officers or mortgage professionals.

Now the reason for the above “starters” is that these steps will simplify your work, give you access to professionals who can keep you out of hot water, help you get money for initial purchases, future deals and repairs that come about. Having a license will expose you to trends and deals that a non-licensed investor may not have access to.

Cashflow is King; So, it’s critically important to purchase property that is currently generating income or within 60 days of purchase is generating income for your business. Yes, this is a business…side hustle or lifestyle item, yes but still a business. The biggest reason you want to purchase income producing property is that your opportunity to get funding for that property with lenders increases significantly…Bankers want certainty! Buying right means knowing your numbers and knowing your numbers helps with the rest of my tips.