August 13, 2007 9:04 AM EDT
Although forming an LLC is important, I think what your investors would be looking for in a partnership will be the following:
1) How are you acquiring these properties? Are you going to have them finance rehab costs and acquisition?
2) What is your projected hold time? Houses don`t sell as fast as they did 24 months ago.
3) With a $1,000 dollars this might be the route you need to take. Apply for a rehab loan, (make sure that you are using a broker who is knowledgeable in this field). This way your only cost possibly is appraisal fees and hazard insurance. In some cases, appraisal fees can be included in your closing costs.
These are just some things to think about. Cover your bases because a house that you hold can eat up plenty of your profits if you don`t have a good entry and exit strategy.
Real estate investing is all about crunching numbers and giving yourself room to breathe when the market is slowly correcting itself. Consider giving yourself education beyond the construction side also.
Good luck to you!
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