All Forum Posts by: Jeff Graybeal

I believe I’ve decided I’m ready to purchase a rental home, but want to be as prepared as possible when stepping out into this. I’m an over thinker, and at times can suffer from analysis paralysis. I have several questions and have had a hard time finding info applicable to my exact situation. At this point, I plan to purchase a rental home in a market a couple states away as it’s more landlord friendly than the state I live in. I have questions like:

• I live in a no state income tax state, but the state I’m interested in (Indiana) is an income tax state. How will that affect me?
• Do you create an LLC or what type of asset shielding should I be looking at?
• If an LLC or some sort of business is the right answer, do I create that in the state I live in or the state I’m investing in? Are there tax implications either way?
• How do I best shield myself from greatly changing my personal tax situation because of the income produced via rentals? I know earning this income will impact my personal taxes, but is there anything I can do to minimize the impact?
• What else should I be asking?

I have tons of questions, but the above are a sample of what I’m concerned about. I’m curious who I should reach out to, to help with these questions? Is that a CPA, an attorney in the state I want to invest in or the state I live in, or is there someone else I should be reaching out to?  Any suggestions on a specific person you’ve had experience with?