All Forum Posts by: Eric Munoz

Hello Everyone,

Just formed my business (multi-member LL C partnership) and now I am trying to buy my first multifamily property under my business. I have talk to a few loan officers and they tell me that I have to get the mortgage loan in my name cause my business doesn't have credit history or revenue. Would it be possible to get a conventional home loan and have my LLC co sign with me or vice versa?

Thanks in advance

Hi Steven,

Can you elaborate why I NEVER EVER want to hold real estate held for rental in any type of Corporation?

Regs,

Eric Munoz

Hi Tim,

Yes correct I have been reading Accounting for Dummies and it does mention that the answers to accounting questions vary so much depending on the situation. That being said I don't want to be an accountant I just want to be more knowledgeable about it.

To answer your factor questions

-How are you investing (short-term, long-term, fix/flip)?

Long Term

-How do you plan to get finance for the real estate?

Bank loan (I will co sign for my company until my entity can establish it's own credit.)

Thanks again for your input

Thank you for your input.

Hello My Name is Eric and I am going to invest in rental real estate but I need to know what type of entity to form. I believe I know the legal end of it which is to protect my assets, I think I need more help on the accounting side of it. So I went to 3 CPAs and I got three different answers. The first CPA suggested LLC taxed as an S Corp, the second CPA suggested LLC taxed as a sole proprietorship, finally the third CPA suggested LLC taxed as Partnership 1065. I do understand that rental real estate is a passive activity. My ultimate goal is to minimize my taxes so I can reinvest my money into more properties. I am really just looking for people in the same scenario that can tell me what they did.

About Me,

I live in Texas

Married with one 19 month old child

I work full time

My wife is a hard working homemaker

Questions for Survey

Were or are you in the same scenario as me?

If so what entity did you form and how are you being taxed?

Do you have a home office?

Do you manage your own Property?

Do you use your personal car for work?

Thank you for replying and participating.

Mentors welcomed I believe I can bring value to your team in the near future.