LLC now or later?
Good evening,
I am new in this great adventure of flipping homes and I need some guidance.
I am looking to start with one home at the time using a “limited†budget. I am thinking about buying an existing rehab for $20,000. Should have $9,000 of rehab cost and will ask for a selling price right around $65,000. That same home sold for $72,000 16 months ago. Somebody started some renovation but apparently run out of money…
I believe that I want to form a LLC taxed as an S corporation if I decide to keep on flipping! I also believe that a CPA will do a much better job than I at setting up my business.
The questions are would you set up a LLC corporation for your first home? If so, would you use a CPA? In addition, is his or her cost worth it? (I received a quote of $1,400 to set up the LLC with a local CPA).
In advance thank you for your advices.
Ronan
Ps: Love the site, so much great info and tips, Thank you all.