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