Hey, New To The Site And REI
Was wondering if you are just a person buying real estate for investment purposes or do you need to be a company. Are there different taxes for each? My brother, father and myself just incorporated a name for the purpose of Real Estate Investing. Was this necessary?
It wasn't necessary. But I suppose the articles would clearly state the agreement of all involved. Which would eliminate any disagreeements in the future.
Lori
As far as taxes go. I have several properties in different trusts, LLC's, and my name. I can pay taxes a number of ways as long as I pay them. I also am required to do taxes on each even if I don't use that entity that year. I am sure the attorney who set up your Company would have gotten in touch with your accountant at that time.
[addsig]
Thanks for the info. So is REI your job, or do you also work for someone? I would really like this to be my main source of income. Maybe not at first it can't be, but how long will it take to get to that point?
Thanks.
I agree, it wasn't necessary - but you'll appreciate the protection a corporate entity provides you should something come up. For further protection, consider putting each property you purchase in a seperate trust within your corporation. This limits problems to a specific property versus spreading throughout your portfolio.
By the way, welcome aboard.[ Edited by dmbaker on Date 04/28/2004 ]