Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 6 months ago on . Most recent reply

User Stats

1
Posts
0
Votes
Matt Barakett
  • Handyman
  • Toronto, Ontario
0
Votes |
1
Posts

Is a corporation necessary for first investment property?

Matt Barakett
  • Handyman
  • Toronto, Ontario
Posted

Hello BP Community,

I am trying to decide if I should start a corporation before buying my first investment property.

I live in Toronto and am looking to invest in Alberta. I have decided to partner up with another investor to buy this property together. We are looking at multifamily 2-5 units. We intend on building a large portfolio together.

We were thinking that it would be best that we start a corporation together before we buy. Although after speaking with other investors, some are telling us that it is not necessary to start a corporation for our first investment and its better to just buy in our personal names and incorporate later.

This sort of advice that we have received is based on the information that a corporation costs more to start up and maintain.

Should we incorporate now or later? and what are the pros and cons of either scenario?



Most Popular Reply

User Stats

1,168
Posts
350
Votes
Replied

Maybe a  good idea to have a reputed and vetted attorney to draft and execute it.Partnerships can sometimes have misunderstandings even among close friends

Loading replies...