I'm a newbie REI looking to buy and hold on the west side of Columbus, Ohio. Currently looking for anyone who has a good real estate attorney and accountant in this area. I want to validate the appropriate legal formation/structure of the company so I can minimize tax implications. Appreciate any suggestions or guidance. Thanks all!
Jeff- You certainly want a good real estate lawyer if you are going to be investing, but most general practitioners can help you with basic entity selection and formation.
For buy-and-hold, you will most likely want to form an LLC, since they offer asset protection and tax-flexibility (I personally like multi-member LLCs set up as partnerships). For privacy, many investors take title in a land trust, with the LLC as the beneficiary of the land trust.
You have great city and state REIAs (Columbus REIA and Ohio REIA) as resources if you don't get a specific referral here.
I'm in Cleveland, not Columbus but my license is good state wide. Feel free to call / email if you'd like to set up a phone consultation.
I am also in Columbus. I recommend COREE (Central Ohio Real Estate Entrepreneurs) for great resources, info, networking.
Might want to talk to @Nathaniel Busch for accounting. He is in Gahanna.
@Joshua Springer thank you for the mention.
For anybody else looking for an accountant that has a niche in real estate as well as small business accounting, I offer a free initial consultation to review your structure and we offer an up front quote that we stand by once the work's done. Our fees are reasonable and can offer you the best value for the quality of work you receive.
Nathaniel Busch CPA
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