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Updated over 6 years ago,
Please help a Newbie
Hi everyone,
My name is Mark and I am a commercial fisherman who earns 150 to 200k a year.. I am totally fine with this income at the moment. The only problem is when the tax man comes knocking I have to fork over 50 to 55k of my hard earned money! I need to keep more of my money!
My solution to this problem is to invest in rental properties, fix and flips/hold and single/multi unit homes. I have experience in Building Construction and enjoy remodeling which is why I find this path to be fitting.
Here is where I need direction! Should I put some of the fishing proceeds into a Self-Directed account and use that to start investing? Should I wait until I have enough HELOC in my current residency, and pull that out to start investing with? Would holding all of my rentals under a (s) LLC be beneficial towards the tax situation I am in? Any information and direction would be much appreciated. Thank you!