Setting Up Rental Property as an LLC

[Roshan T.]

Hi BP community,

Rookie here looking to learn how to set up the "business" of rental properties.

- Incorporating an LLC,

- Opening a bank account for LLC

- Establishing accounting book

- Working with CPA's, attorneys, etc...

Any tips would be much appreciated!

Thanks In advance,

Roshan

[Nathan Gesner]

DO you have properties yet? That's step #1.

Far too many people want to run a marathon so the first thing they do is buy some expensive running shoes, moisture-wicking shirts, a $300 fitness tracking watch, a $30 app, a 60-pack of energy gel, etc. Two weeks later, the gear is gathering dust. Likewise, far too many investors want to act like a real estate investor without first proving they are capable.

I say this with kindness: stop trying to act like you're Warren Buffet when you're a rookie. You don't need an LLC, umbrella insurance, a business name, business checks, business cards, and all that other crap. What you need are some rentals and some experience as a Landlord. Prove to yourself that real estate investing is right for you and that you can be successful in it. You can focus on looking like a business when you've become a business.