So I’ve always had a heart for not only fixing up furniture but fixing up old houses. What I was thinking of was working on the furniture side but something happened.
An old friend and I started talking of things we really missed doing. She too used to remodel houses. She infact was there and helped me demolish my very first room 20 years ago. She now lives just a few towns away but after years of living in other states we’re back in the same state again. We both have seen our share of tough times and are at starting over points in our lives. She used to run her own business, I run other’s businesses, so we both have strong drives to succeed. We both have invested in property before but on the small scale side. We also have always thought along the same lines and are extremely honest with one another when we disagree.
That being said we have decided to start this business together. Neither of us are quite ready yet but our goal is to start within a year. That will take some research, planning and saving money.
Things to do:
1. Start a savings account for just my portion of the business so I can’t easily dip into it.
2. Research money market accounts to start putting money in that(CD’s).
3. Go to the County Engineers office to see where they are planning development so we don’t buy in areas that won’t see an upgrade in the works over the next 5 years.
4.Research names, we have some ideas and see if they are owned. Work on creating an LLC.
5. Sit down with her and plan how we are to disperse the funds and how long do we keep returning the profit for expansion and how much.
6. Decide what would happen if something happened to either one of us how we are going to set the business up to handle that.
7. Decide how we are going to settle an issue if we find ourselves on the polar extreme. We both are giving but very strong in our opinions and reasons why. We both agree to the general direction and what we want to be able to do with this company and where we want to begin.. but after that needs decided before we are in the midst of it.(great run-on sentence)
8. See how much an LLC is. See what else we need to set up to protect ourselves and our investments. See how much insurance is.
9. How is our business going to give back to the community(we are both proponents of this).
10. Lastly what type of property do we buy for our first buy. 1 month ago