Hi, new to real estate
hi my wife Karen and I are seeking to learn all we can before purchasing our first rental home. We intend on paying cash, but have many questions on the way to purchase, do we buy in our name?, do we need an llc ?, will dba be enough.... We like the 70% rule , would this be accepted by bank foreclosures?... Can we reinvest profits tax free into the purchase of another property?...... We're just getting started and are debt free, and plan on buying one home a year with cash for the next 6 to 10 years . Any advise would be appreciated.
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James Wise
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James Wise#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
If your paying cash I'd buy it in an LLC.
If you ever plan on getting a mortgage on it buy it in your personal name.