10 THINGS TO DO FIRST
1- Set up a single person LLC or S-Corp to limit your liability and protect your personal assets.
2- Develop a good relationship with a good real estate broker.
3- Get a home inspection and always get at least 3 bids for each aspect of the work you plan to do.
4- Research the market area, drive by the property at various times of the day and different days
of the week. Look at sales over a period of time.
5- Hire an experienced accountant.
6- Check out various finance options and factor at least 6 months of carrying costs.
7- Map out your plan and stick to it. Is it to re-market the property immediately, or hold
for longer term, have an exit strategy based on worse case scenario.
8- Always add at least 25% contingency factor to your estimated costs of the project.
9- Review the zoning and the survey. Make sure the property is conforming and there are no
easements or restrictions that you are not aware of.
10- Speak to the neighbors, often times, they can give you the "inside scoop".
