All Forum Posts by: Brent Bell

I have not filed any forms with the IRS, as I only formed the LLC and received the EIN in January, 2019, so I am not sure what the current tax status is.

That said, thanks for the quick reply Eamonn.

Newbie question here. I know I need a CPA, but didn't think I needed this individual so early in the process. Words of wisdom from experienced veterans here is greatly appreciated.

I formed a single member LLC for asset protection purposes and got an EIN number. I now have my first single family rental in the LLC and the property management company sent me a W9 with their management agreement today.

Reading the instructions on how to fill out the W9, it is not clear to me whether I should be listing my LLC on line 1 or my personal name, with the LLC listed on line 2 as a disregarded entity.

If I list the LLC on line 1, and select LLC in section 3, what is the best option for a buy and hold rental portfolio - C-corp or S-corp?

Thanks in advance for any guidance.  Will be starting my search for a competent, real estate savvy CPA in the morning!

Thank you to all the posters so far, here are my contributions (from others way more experienced then me)

"Know when to walk away - the numbers don't lie!"

"What you know is your greatest wealth.  What you don't know is your greatest risk.  There is always risk, so learn to manage risk instead of avoiding it"

As a risk adverse person, I am trying my best to practice this second quote.   @George Pauley post about "next" definitely helps to put "risk" into perspective.

Hi everyone,

Received a recommendation day to look into Golden Rule Real Estate team for property management services.  Would love to hear any first hand experiences that people have had with this team, particularly for SFHs.  As always, appreciate the candid feedback.

Thanks,

Brent

Hi everyone! I am newbie here at BP and thank all of you for your advice and wisdom! I work in the investment management industry, so basically my entire wealth (W-2, 401K, IRAs, 529s, HSA) is tied to the performance of the stock market. I have made the commitment to liquidate one of my IRAs and move it to a note fund as a first step in my real estate journey. As this note fund would be a single asset that would be held for 3 years, I am looking for a "buy and hold" SDIRA where I can keep fees low. In reviewing the fee schedules of about 5-6 providers, IRA Services Trust Company came out the winner in my spreadsheet. I will call them tomorrow to do my due diligence, but in the interim, investor feedback on the company would be greatly appreciated!