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What do I need to know to start my own business in Real Estate Investing?
By Tom Dunn | July 8, 2008
Haley0107 asked:
In a year or two my husband and I want to start our own business in Real Estate Investing. We are currently closing on a house that we are going to rent out. When we start getting more into it, such as with the renovations and everything, should we have our own name and make ourselves a company or should we not even be company and just buy houses and sell it or rent it out? If we do start a company how do I go about in doing that? I’m clueless right now. thanx alot!
Nellie
Topics: General Real Estate | 2 Comments »
July 10th, 2008 at 10:58 am
You should always run your Real Estate Business as an entity of some sort; ie. (Corporation, Limited Liability Company, Limited Partnership, or Combination such as a Limited Partnership with your Corporation as a Limited Partner.)
Join some local real estate investment groups a.s.a.p.
Also visit and join some real estate investment sites such as Sign up for R.E.I. newsletters.
For help deciding which type of entity, and setting it up you could visit with an attourney that is familiar with real estate investment; or you could visit irs.gov and go to the business links for starting a new business.
NEVER EVER run a business under your soc. sec. number.
ALWAYS run a business with an E.I.N. Employer Identification Number
July 12th, 2008 at 5:46 pm
being clueless really is a good indicator that you should be starting your own RE investing career.
you need to form an LLC to protect yourself and for tax benefits.