My friend and I are starting a joint venture in Pigeon Forge, Tennessee. We're starting with a cabin renovation and a new construction project. Splitting the workload and capital investment down the middle. We're trying to figure out if it's worth setting up an LLC and are looking for recommendations on a good CPA. Someone trusted by the BP community would be excellent. We're located in Greenville, SC, but plan on doing most of our business in Tennessee and are wondering if it's worth getting someone local to us or someone who knows Tennessee details. All help is greatly appreciated!!
(Can't figure out how to edit the title... That typo will drive me insane...)
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
7y
Hey Victor! I have 11 properties total, 5 of which are in the Gatlinburg/Pigeon Forge area. I am using @Daniel Hyman who is here on BP as a CPA this year. I don't know why it's not letting me tag him. He's helped us get everything sorted out this year and cleaned up from our previous CPA who didn't really know what to do with these rentals. Let me know if you need further help in the area!
Real Estate Agent · USA · Member since 2016 · 909 posts · 1k+ votes
7y
Hey Victor! I have 11 properties total, 5 of which are in the Gatlinburg/Pigeon Forge area. I am using @Daniel Hyman who is here on BP as a CPA this year. I don't know why it's not letting me tag him. He's helped us get everything sorted out this year and cleaned up from our previous CPA who didn't really know what to do with these rentals. Let me know if you need further help in the area!
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
7y
@Victor V Rogers IV CPA doesn't need to be local and is least of your problems right now. Call a business attorney and ask them questions about LLC and decide if you think it's worth it and how it should be structured. Talk to an Attorney first. CPA will help once you're making money. Nothing wrong with finding one now but your time is better spend looking for contractors.
Be advised that doing rehabs in this market can be difficult. Contractors are very hard to find, move extremely slow, and are increadibly hard to trust. Why? Because they’re used to dealing with owners that’s never look at their properties and live very far away. They’re also very busy rebuilding with insurance money from the fires we had 2 years ago.
Thanks so much for the help and recommendations, @Avery Carl and @Lucas Carl. I've seen both your names around these forums a ton. All your wisdom has been appreciated.
We have a great relationship with a builder/contractor in the area, so that has helped a ton. I'll jump into finding a good attorney first thing. Any BP recommendations are appreciated there too. Thanks again!!