In the process of creating An LLC for my company. Wanted to know if the next action step should be talking to lenders about my financial situation or getting an accountant to set up the foundation for our company.
Accountant · Oklahoma City · Member since 2017 · 80 posts · 64 votes
8y
You should definitely do both.
If the accountant you talk to isn’t familiar with real estate, they may advise you do something that isn’t in your best interest.
If the banker you talk to doesn’t understand real estate investing, they may not give you the loan, regardless of if you’re incorporated.
Smaller, community banks are where you want to start. Develop a relationship, see if they’re savvy, and if they know real estate most high quality lenders will spend extra time with you making sure that you are organized in the best way possible for them to give you money. That’s where you want to be at the end of the day. These lenders will probably want you to look for an accountant or bookkeeper to keep your records in order, but may not stress it early on. These lenders will also probably have contacts for lawyers, cpas, and bookkeepers they’ve used before. Again, vet these people out and make sure they’re knowledgeable of real estate investing, otherwise that’s time and money lost.
