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Updated over 6 years ago on . Most recent reply

Derrick Gordon's profile image
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Derrick Gordon
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  • from Tri State Area
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Derrick Gordon's profile image
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Derrick Gordon
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  • from Tri State Area
  • Member since Jun 13, 2018
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Derrick Gordon
  • Investor
  • Tri State Area
24
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107
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General Landlording & Rental Properties

SHOULD I CREATE AN LLC OR CORP?

Derrick Gordon
  • Investor
  • Tri State Area
Posted

I see most people have an llc - is there a significant reason why?

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John Underwood
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John Underwood's profile image
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John Underwood
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John Underwood
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  • Greer, SC
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John Underwood
#4 All Forums Contributor
  • Investor
  • Greer, SC
Replied

@Derrick Gordon 

Use an LLC for rentals, S-Corp for flipping.

S-Corp gives you better tax advantages for the short term gains on flipping houses. LLC gives you asset protection on long term holds. Should use insurance (and umbrella) plus mortgage on properties for additional protection.

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