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Updated over 2 years ago on . Most recent reply

Jim Bibby's profile image
Jim Bibby's profile image
Jim Bibby
  • Investor
  • from Brockton, Massachusetts
  • Member since Jan 11, 2017
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Jim Bibby's profile image
Jim Bibby's profile image
Jim Bibby
  • Investor
  • from Brockton, Massachusetts
  • Member since Jan 11, 2017
Connect
Jim Bibby
  • Investor
  • Brockton, MA
3
Votes |
2
Posts
Multi-Family and Apartment Investing

First investment house

Jim Bibby
  • Investor
  • Brockton, MA
Posted

Hi everyone one, I'm looking for some advice. I want to keep all my finances separate for tax purposes. I put this property into a trust. I was able to get a homestead on this property because a family member lives on one of the floors.

1. Should I open a new checking act for this property before renovating? should the checking act be in the Trust name or my personal name?

2. I'm adding a 3rd floor apartment. I'm currently looking for a contractor. any suggestions?

3. should all expenditures ie; electric, oil, taxes be in the trust name or my name?

Thank you for your import,

THE NEW GUY

Boston, Massachusetts
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