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Updated about 4 years ago on . Most recent reply
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Looking for a CPA in the Huntsville are
BiggerPockets Family,
I am looking for a CPA that can grow with my family. If you know a qualified person, please let me know. They must have experience with real estate and military tax strategies and preferably invest themselves. I am also looking for my first LLC in 2021 and would like to find a CPA to help with the process. My wife and I will use a legal agency to form the licensing agreement, but having a CPA with knowledge would be great.
Thanks!
Sincerely Josh
Most Popular Reply
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Thank you for the reference! I spoke with my lender, and they do not use a Due-on-sale clause. That being said, I like the peace of mind the LLC provides over other insurance options, like an umbrella cover. There is still a level of risk associated with the LLC, but I see the potential for tax advantages as a better trade-off. If I purchase the investment property as a residential loan, I could transfer the title with my name into the LLC. I will still be fully obligated on the mortgage. Also, the LLC will not have an established income and credit history. I would need to provide a signed personal guarantee that I will pay the mortgage if the LLC cannot.
Sincerely Joshua