Need help in entity creation

3 Replies

I am about to start with my first rental and will continue to build more rentals in the coming years but I want to get the correct entity set up for me and my goals. I have been doing a lot of research on LLC's and what state I should start one in but I think its time I reached out to a CPA or Lawyer that knows better than me so I can get the proper entity setup. if anyone has suggestions or knows individuals I can contact on the matter please feel free to PM me. Thank you ahead of time.

@Mahonri Bussey buying 'rentals' is very vague.  Do you mean little residential houses?

If commercial 5+ unit apt buildings, MHPs, self-storage units, strip malls, etc I agree with the entity concept.  By all means, treat a commercial enterprise like what it is.

I own all of my commercial assets inside LLCs.  My little houses have good insurance, but I own personally.  Because of that, I get favorable financing and insurance terms.  

Mix carefully residential property and business entities!

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@Mahonri Bussey I would not overthink this one.  Sounds like you are heading down the direction of "paralysis of analysis". 

Get a simple LLC set up and go get a deal done. As you expand into more deals and bigger ones then I would spend time with your legal / accounting advisers about correct entity formation.

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