Updated over 5 years ago on . Most recent reply
General Contractor buying our first 4-Plex.
Hello all,
My wife and I have been in the construction industry for almost 10 years and about 2 years ago began our journey into real estate with our first purchase, a live-in flip that took us about a year. Now on the other side of that we are 2 days (hopefully) away from closing on our first multi family property, a 4-Plex in southern New Jersey. Becoming a landlord for the first time of course we are excited and have a ton of questions but the debate between having an LLC vs S-Corp I can not seem to find an answer to.
Caveat to all of this is we already have an LLC, a legal business name and a tax ID number for our company. I would love to be able to keep it all under one umbrella and am not opposed to changing the business name to something more vague and less construction specific (Also to take advantage of S corp tax benefits). We are ultimately going to be pushing away from the construction end of things anyway.
So what I am really asking is has any one had any similar experiences? Biggest concern being where rent checks get written out to and wanting to stay as professional as possible with our tenants. Any advice or experience on this topic would be greatly appreciated!
Thanks!