New to BP Forums! Would love insight on Business Structure!
Hi all,
I am located in the Denver/Boulder area of Colorado, though originally from Nebraska, and am set to graduate with an engineering degree in this upcoming Spring. Since last June I've been soaking up as much information from BP and other sources on RE. Currently, I am in love with the idea of house hacking and will definitely be giving it a shot once I've graduated!
Furthermore, I've been sharing this knowledge with some engineering friends that are also interested/dedicated to RE as a side hustle. We have a group that meets to discuss things we've learned and potential ways we could all work together to enter the world of RE as a group. I think that with our limited initial capital and but reasonable amount of renovation knowledge that flipping houses would be best suited for me and the others.
We are looking into getting some sort of small business loan to start out, but initially we are concerned with how we should structure our business. As far as I can currently tell, an LLC may be best for our level of investment. But, for hopeful future growth an expansion into other RE sectors, would a C-Corp be better suited?
Anyone who has had experience similar to this, or just some other extra insight for a soon to be group of college graduates, I'd love to hear it and pass the information along! Thanks!
Jared Bartels