All Forum Posts by: Anthony Shui

Looks like I will be filing for a sole proprietorship. Going to set up a separate business checking account + business credit card (I've churned through the decent consumer credit card welcome offers), and start building some business credit history.

Thanks everyone for the advice @Rick Pozos @Jeff White @Sean O'Keefe!

Hey folks! New here, just bought a 4 bed 2 bath as my primary residence that I'm currently remodeling into a 5 bed 3 bath before having some tenants moving in with me.

Current thoughts:

1. Black Friday / Cyber Monday deals are upon us and I was thinking of grabbing some appliances to finish the house

2. I was considering putting the above appliance spend towards a business credit card signup bonus offer (Thinking of applying for the Chase Ink Unlimited Business Credit Card). Probably a little too late at this point to get the credit card in time, but alas.

3. I was considering opening a separate (business) checking account to keep rental revenue and house hacking expenses in one place. Vaguely aware of tax benefits / depreciation. I have a CPA I plan on reaching out to for more on this, but open to any advice. Note: The title is held in my personal name, not in any separate business structure.

3a. In order to open a business checking account, I was told I need to set up either a sole proprietorship, or an LLC. Not really sure what to do here...Some info, I don't really think I'll be amassing a giant real estate portfolio - just a side hustle. I don't see myself buying another property in the next couple years at the very least. I could see myself owning 2-3 properties max (1 primary, a couple investments).

I'm open to any and all advice! Very new to this. I'm super excited to move in post-remodel and start building equity.