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Updated about 7 years ago,

User Stats

15
Posts
5
Votes
Skyler Walker
  • Rental Property Investor
  • Tulsa, OK
5
Votes |
15
Posts

Incorporating for my "buy and hold" future?

Skyler Walker
  • Rental Property Investor
  • Tulsa, OK
Posted

I have just purchased my first investment property, a duplex which I have rented one side and assumed the other as my primary residence. I assumed residence primarily in order to use my VA loan however I plan to move out around July of this year and begin to look for my next venture after refinancing the loan and using my VA loan again on the next purchase. Not sure if any one this content helps but the real question here is how I should structure my business, considering the recent tax reform as well as my intent to only deal in buy and hold properties. Are their any issues with primary residence loans being sold to an LLC and is incorporating my best option at this side of the scale? Is their anything else I should be considering? At this point I want to set up my business to run the same as it would 10 years down the road with 10 or more properties, if it is in my best interest to do so. It is currently difficult for me to get a business account considering I do not have a "business" or EIN, this also hinders me from utilizing ACH with my customers as I need to provide proof of business in order to collect money. Go figure. Any advice is great considering I am just starting out!

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