Used FHA to finance a 2 unit..potentially 3 uint apartment..HELP!

[Brandon James]

Hi,

My name is Brandon. I recently moved to the Washington D.C market. My wife and I are currently at the last end of closing on our first multifamily deal where we will be a owner occupants. I was telling my wife that this will be a business for us since we will be making money and will have expenses that we can write off. yay! We have never owned a business. So, we are wondering are there any guidelines for starting a multifamily business? The property will be in our names but I would want to create a business and transfer the deed over to our new business name (LLC) when it is finalized....if I can do that.. I want to be able to have a shelter over my personal items since I don't want this to be our only property. I know I need to get a separate checking acct....but wondering is that necessary right now, as well? I'm basically lost with the business aspect....PLEASE HELP!

[Jonna Weber]

Congrats on the purchase! Because you are FHA especially, I wouldn't be in a rush to transfer a deed to a business. Check your loan guidelines. I agree with others, keep it very simple in the beginning, but have a separate checking account and accurate way to track all expenses. Unless this is a large multi-family, a spreadsheet should suffice for your first year. When you are ready, a program like Quickbooks is good.