Updated almost 9 years ago on . Most recent reply
setting up your real estate business
can someone please help me out, i have come to a completed stop in how to set up my first investment property. Its a 3 family do i need to set up a legal entity, business acct, or do i make all expense/profit go into my personal acct.
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#1 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
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#1 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
Since you do not have an LLC setup I would just establish a DBA (Doing Business As) in your county and you can open your account under that name (i.e. Aruci Properties DBA). This is will get you started in the right direction, and then after that I would form an LLC after that and put each property in that LLC for more protection. There are many rules of thumb for how many rental properties should be within the LLC, I would ask your CPA for that direction.
- Peter Mckernan
