Looking for start up advice

[Rob Anderson]

Hello all,

I have been stalking this forum and listening to the BP podcasts for some time now. I am finally ready to get my feet wet. I am looking to start investing with my brothers and I wanted to know the best strategy in establishing the business. My thoughts are to establish a LLC and then open business bank account then begin searching for properties once the business paperwork comes in. Is this a sound strategy or is there a better way to establish asset protection and get this business venture off on the right foot.

Our goal for this year would be to buy one maybe two duplexes in the Philadelphia area. I am not sure we are ready for the Brrrr method just yet but a house hack may not be totally out of the question.

[Joseph ODonovan]

@Rob Anderson I see you are in NJ but you mention buying in Philly. Which state are you incorporating in? Your LLC can be created in either state but check with your accountant first to see what he recommends. Either way you will need to apply for an EIN with the IRS. Since you will be buying in Philly, you will need a City of Phila tax ID number. The bank account comes after you establish the LLC. I would recommend talking to your accountant about the above as they should be able to take care of this for you. Best of luck.