I'm about to close a deal in a foreclosed property to do a flip (or BRRR exit strategy) and from recommendations of the realtor/ research originally I was looking at setting up an LLC. Now after reading some more it looks like I should try to get a good CPA since getting "Cash Refi" under the LLC might be more complicated that I originally expected and trying to move the property under my name for the refi and then push it back to the LLC might trigger taxable events. Any recommendations for a good CPA in Maryland that knows how to handle real state investing? Better try to get a recommendation from Biggerpockets than getting one from Yelp because of high rating and ending up with a bad fit. Thanks for any help.
I use her I am a new investor, but she was recommended by more seasoned investors to me because she invests in real estate herself. Hope this helps
You should reach out to @Brandon Hall
As mentioned Brandon Hall is good. He posts a lot of good stuff here on BP. I also Know Ebere Okoye who is the "Wealth building CPA in the link above. I would trust her to do a very good job.
I personally use Jeff Stoller of Goodwich Stoller and Associates. (google them) Jeff not only know real estate but also gives great service. If you call him let him know I sent you, maybe that will make up for me bugging him so much.
Any of those three would be an excellent choice.
That said your issue is kind of basic. LLC are more difficult to finance because regular mortgage lenders don't lend to LLCs. They sell their loans to the secondary market like Fannie Mae and Freddi Mac. Those entities were created to help home ownership not businesses. It isn't alswys harder to finance and LLC you just have to contact the right lenders.
Thank you all for the great advice.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you