New to REI!

[Lacey Arrington]

Hello! My name is Lacey and I am brand new to REI and working on my profile. I am currently reading BP books to learn everything that I can to become successful and look forward to all of the networking potential on this site. If you are in the greater Bhm area, let me know!

I am fortunate enough to have obtained my childhood home as my first property. I am working on minor renovations this summer and then hope to find tenants (after reading the BP landlord book).

I do kind of have another property, my long-term partner inherited a run-down mobile home. We need to buy out his brother and probably replace the trailer and then find tenants.

Question if you've made it this far: When in this process do I need to set up an LLC? And someone told me that LLC's are more expensive in 2024.

Please be patient with me, learning new REI things every day!

[Jake Baker]

@Lacey Arrington

You don't really need to set up an LLC to invest in rentals.

If you feel like you will have a long term partnership, then you should set up an LLC. If not, a simple JV agreement will do.

1. Create LLC with the State
2. Obtain EIN from irs.gov. Be careful of scam websites.
3. Create Operating Agreement
4. Open up Business bank accounts
Apply for a Credit Card - I recommend the Chase Business Ink Unlimited. 0% APR for 12+ months. Go into the bank and apply in person. You will get a higher limit.