LLC Prep and Tax Help

[Pedro Navas]

Hi everyone,

I'm just getting started with REI and would love to start on the right foot. I need help with starting up an LLC and making sure I'm setting myself up well in my real estate investments for future tax implications. Can you recommend someone? Local to Nashville, TN would be a plus!

Gracias!

[Tom Degroodt]

I am not sure I can give advise on the setting up of the LLC, but here is something I wish I had heard when I was starting out.

For each property start with 6 file folders and name them

1. 1.  Purchase / Refi documents
2. 2.  Statement of work / Project plan / Budget & Timeline
3. 3.  Expenses and Utilities
4. 4.  Lease and Move in inspection
5. 5.  Applications
6. 6.  Taxes and Insurance

We were 3 years in before I got that nugget from someone.  Since then I have always filed that way and have always been able to find what I need quickly.