Posted by E.Eka on September 09, 2004 at 16:47:19:
That’s true, but once you have property, you can deed it into the LLC. If you use conventional financing, you won’t get a loan in the LLC’s name. Banks, lenders and everyone realizes that an LLC is only as good as the members. They’d ask you to guarantee the loan anyway.
CPA Firm and Attorney - Posted by Ian
Posted by Ian on September 09, 2004 at 15:27:23:
Can anybody out there recommend an accountant and attorney to me for starting my real estate investing business. I’m starting with flips, as is to be expected, and then will move on to owning 3-5 unit buildings and commercial real estate. Also, I’ll be continuing to do flips in that time and will venture into the rehab aspect of flipping. So, within those aspects of REI, can someone recommend a good attorney and accountant? Much appreciated.
–Ian (Chicago)
Try this book first - Posted by WAREIA
Posted by WAREIA on September 10, 2004 at 22:22:00:
How to Lower Your Taxes Big Time, by Sandy Botkin. You can find more info at www.taxreductioninstitute.com.
This is the single best source I have found on the subject of Business Entity Structuring especially for Real Estate Investors.
Re: CPA Firm and Attorney - Posted by John Katitus
Posted by John Katitus on September 10, 2004 at 24:56:36:
New investors get WAY too hung up on these matters. Go do a few deals, buy Bronchick’s course on Land Trusts out of the profits, and read these boards and ask questions. The only thing you should be concerned about now is learning to find good deals. All the rest comes later, if ever.
Re: CPA Firm and Attorney - Posted by E.Eka
Posted by E.Eka on September 09, 2004 at 15:39:26:
Start flipping then when you make money, go to your accountant and lawyer.
Re: CPA Firm and Attorney - Posted by Joe
Posted by Joe on September 14, 2004 at 19:13:34:
Amen, I agree! It’s like putting the cart before the horse, having not even proven to yourself that it’s going to work.
Re: CPA Firm and Attorney - Posted by Ian
Posted by Ian on September 09, 2004 at 16:42:51:
Apart from the advice offered in Bronchik’s book, many people suggest setting up the limited liability entity prior to doing any deals. Otherwise, you will be required to take the property down in your own name. What’s your take on those recommendations?