All Forum Posts by: Rachael Beissel

I am a beginner real estate investor in Minneapolis, MN. I'm working on purchasing my first rental property, and I'm curious when is a good time to start talking to/working with a CPA. Any suggestions on how to find a CPA who specializes in real estate investing, or tips on this topic?

1 Vote

Minneapolis, Minnesota

Quote from @Tanner Glenn:

From a taxation standpoint corporations are generally not real estate friendly. First, let me differentiate between a corporation and an LLC. LLC stands for Limited Liability Company. Many mistake the C in LLC as short for corporation but that is not the case.

LLCs can be partnerships or corporations for tax purposes. Partnerships are much less restrictive than corporations, particularly when dealing with real estate. I would recommend listening to that podcast episode again and really focus on the details laid out in that discussion. They did a great job tackling a very complex topic.

Thank you! This is very helpful.

1 Vote

Minneapolis, Minnesota

Hi BP community!

I am a super newbie, and am learning all about the real estate investing world. Recently, when reading Rich Dad Poor Dad, Robert says "My rich dad just played the game smart, and he did it through corporations- the biggest secret of the rich" ch. 4, and talks about what a corporation is, and the benefits/ protections offered by a corporation.

When listening to BP podcast episode 569, where David interviews Tom Wheelright, Tom says it is a bad idea to put rental RE into a corporation. However, doesn't go into anymore detail than that.

Does anyone have any insight into these differing opinions?

At this point in my RE investing, I am so small and local to my area, I don't see a corporation as something I'd be seriously looking into right now, anyway. Just curious, looking for some input, or feedback to this question.

Thanks!

0 Votes

Minneapolis, Minnesota

Happy Friday everyone!

I am new to BP and am very interested in starting a meet-up in the Twin Cities, metro-area in MN!

I want to create an environment for new or experienced real estate investors to network, learn and grow together. I would like to plan an informal meet-up at the beginning of February, and I am looking for others interested as well!

No pitch, no fees and family friendly. I am so excited to meet others in my areas passionate about real estate and begin my networking journey. I already have some great ideas/ topics we can discuss, as well as, potential real estate agents, contractors, and investors who would be willing to join the discussion and help us all build our network and learn together!

If anyone in the area is interested, please reach out to me with any questions or ideas!

0 Votes

All Forum Posts by: Rachael Beissel

Rachael Beissel has started 4 posts and replied 5 times.

Post: rent control laws

Post: Certified Public Accountant for beginners

Post: Is it a bad idea to put rental real estate into a corporation?

Post: Is it a bad idea to put rental real estate into a corporation?

Post: MN Real Estate Investors Meet-Ups