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Starting a real estate business with my college buddies and our extra income

Me and my friends are graduating college; tight knit group of guys that have been friends for almost 10 years. We all are going into well paying engineering jobs with no debt because we earned merit scholarships for school. We were thinking the other day: what if we pooled our extra income once we start our jobs, incorporate an LLC, buy a house under our (collective) real estate company, then rent/manage the house amongst us. We use that money to buy other houses and slowly build up a portfolio of houses over time that would provide us all with passive income.

We were thinking this would be a great way to get a return while also diversifying the risk amongst us. While it would be a lot of work, we think this could be a lot of fun too.

Is this a good idea? Has this been done before? How do we go about doing this?

submitted by /u/Algorithmic-Botany
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source https://www.reddit.com/r/RealEstate/comments/gakwxm/starting_a_real_estate_business_with_my_college/
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