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Updated almost 4 years ago,
Beginning a Real Estate Portfolio
Hello BiggerPockets Forums!
I am beginning to grow my real estate portfolio. Currently in the process of attaining my first rental property in the Denver market. I have some outstanding questions to see if some of these items are worth it in the beginning stages of real estate investing. My two questions are as follows:
1. Should I create an LLC for this first rental property, and future properties?
2. Should I hire out a CPA for these beginning stages, even if it is my first investment opportunity?
To give some insight and context, I am a new graduate engineer, a year and a half out of college. Moving to Denver before June 1st of this year. Already in contact with an agent and lender in the area. Looking to close on this first property anywhere from mid-March to June. I intend on house hacking this property and pushing for the 5+ bed SFH range. I want to live in Denver and call that place "home", and plan to grow a portfolio in this market (and outside as well). Is it worth it to set up an LLC and hire out a CPA for a financial perspective/tax benefits?
Looking for any thoughts or ideas. I want to take off in real estate investing and any additional knowledge early on will help for this long term vision.