I am new to REI and would like to know when would it be prudent to establish a business, encorporate. Should I even be thinking about this at this point? I haven't made any purchases, sales, transactions. I am in the process of generating leads.
Hi again @Angel Gracia . It's 'Incorporating". Without assets I wouldn't bother, no.
@Steve Vaughan Nice! Thanks for the correction! I do own a rental in Guam and my primary residence I intend on selling in the near future. Would that change your opinion?
Nope. Still wouldn't use an entity until I was buying a multi of 5+ units or commercial property. If you throw your primary house into an LLC or something, you will probably mess up that wonderful tax-free gain. Granted, I know nothing about RE ownership in Guam. Overall, entity 'sophistication' is over-used and usually causes more problems than it solves, IMO.
@Angel Gracia How has your rental done in Guam? I'm wondering because my family and I just recieved orders to Guam and we'll be moving in Jan 2016. Would you be able to recommend any real estate websites to search for properties and property managers? Do you use a property manager or manage yourself? Any information will be helpful...thanks!!
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