To corporate or not corporate that is the question.
Hello to all,
I have been doing a fair share of researching and although I do understand why some people decide to corporate. I still can't find enough information allowing me to make a clear decision. I'm hoping anyone with experience on this subject will share.
Background:
My mother and myself own a property in GA free and clear. Purchased the property 2 years ago through hud. Between me and my father we have renovated it with a new kitchen, one out of the 3 bathrooms, paint and flooring. Proprety needs just finished touches. We purchased at around 50k but I am for sure the property is worth at least 100k. At this point in my life I am finishing up my degree using VA educational benifits which means I make money it's just not taxed. I'm moving to NY this fall to finish up school the next 2 years. I have planned to get back in real estate investing but find myself with a few issues. I have decided to get the real estate license for either NJ or PA maybe both just to allow me to be able to compare properties acurrately and to be the go to guy for family and friends. Even though I own my house I really don't have an option to refinace do to no w2. I was thinking that creating a llc would allow for me to bypass this. My credit is decent but I'm thinking if the company owns the property, since it's paid for. I would be able to get loans because of the company's assets. Allowing me never to really worry about a w2, but wouldn't I have to buy future properties in my name then transfer to buisness after their payed for specialyl if it's home path property?
In general I would love to hear about some of the doors that opened when you incorporated and some of the doors that closed.
Thanks BP community