Ready... Set... What Now?

[c1photo]

Yes another "How do I get started?" posting...  

After reading a lot of these posts, it seems people need to be clear about what they want to do.  I will try and be clear and honest. (For myself, and those reading.)

I have done a lot of research.  I have read a lot of books, many websites, and have done a lot of looking and tracking.  I feel I know what I'm getting myself in to, and I'm ready.

A Plan

-I want to start investing in North Houston.  I'm from there, and after living other places, it is what I know best.

-I want to focus on single family homes.  Homes (for now) that are in need of minor to medium cosmetic and improvement work.  Something that can be done for 10% - 20% value of the house.  

-I want to turn these homes into rentals, and when the time is right sell.

-I will live in my first house for 2 years, while in grad school, and while I clean it up.  Also in hopes of a trade up.  I would like to purchase a home every one to two years.

Financing
-I currently have the cash and approved financing for a home.  I also have the cash and credit available for improvements and unseen expenses.

-For future investments, I am not sure what will be best.  

A Goal
-My first and foremost goal is to build wealth.  Wealth that will allow me comforts in life, and possible an earlier retirement.  I am not looking to quit my day job, but if done right I'm certainly not opposed to it.

-Second, create a business entity that will allow me to take advantage of laws, taxes, expenses and reduced liability, and something my wife can help manage from our home office.  May be a few employees.  (Although not the reason I'm doing this, I like the set up they guy on A&E has.  An owner, an office manager, a scout, a general contractor, and a seller.)

-Third, expand to other real estate opportunities; duplexes, fourplexes, small apartment, flipping.

-BHAG (Big, Hairy, Audacious Goal), Create a real estate company that is owned and controlled by me and my family.  Something that can be passed down, and can continue to grow.  A company that my own hard work pays off to me, and not my employeer.

Questions
-Should I start the business before the first house?  I have an understanding of the process, but I'm not sure of the benefits when you are starting out, and how it can help you to build your portfolio.  Are there any good references on business entities and their role in starting up?

-What other questions should I be asking?  Other than how to start the business, I’m not sure what to ask.  This is why I feel that I'm stuck.  

-Questions, Comments or Concerns?  I'm really looking for someone to help push me out of the plane.  I've done a lot of reading, and feel I have an understanding, but lack the direction and insight for the first step.

Thank you in advance for any comments.  This posting was good for me; it took a lot of thought.

Thank you,
Carl

[Serio]

I also need help setting up an LLC, are there different types of LLCs?  Can you people be in one LLC?

Adam

[REI NOOBSTER]

You are at the point that many of us here are at. You ran out of questions to ask. It's a scary feeling because now you have to actually do something.

Join your local REI club.

Find a house for 70-75 market value.

I bought my first house for 85% market value. Not a good deal. I did not use a realtor and did all the contracts/financing paperwork and c/o myself. I am working on my next property now. Well talking to sellers to find a deal.

[Rick_prcll]

Dive in, start building your network. Get through the first deal, You'll learn just by doing. As far as your LLC. If you keep the house you can later deed it into the LLC

[ElephantNest]

My bank faxed me over all the paperwork for filing an LLC, so I would assume most banks would do the same. Was free, some good reading, and a state specific form.

Steve