All Forum Posts by: Brandon Fuhrman

I recently started an LLC for my real estate portfolio ( I would like to own 100units some day). My wife's name is under the LLC as a member (although she has no interest in real estate or doing any leg work, etc).

The issue I'm having is the entity of the LLC is under as a sole proprietor (my wife and I file taxes jointly). This was recommended because both my wife's name and my name are under the mortgage loan we received for our first property. The IRS says we must change the entity to a partnership since it is multi member.

I don't necessarily want my wife's name under the LLC, the only reason she is because it was recommended her name be under because her name

Is associated with the loan (that didn’t really make sense to me).

Could someone shred some light on this? Do I have to change to a partnership if my wife and I file taxes jointly? Does her name need to be on the LLC if her name is on the loan? Is there a benefit for her to be on the LLC or would I be better off to just have my name on the LLC?

Thank you.

@Sara Wallace Boyd thank you for your feedback!

@Mindy Jensen thank you for your insight. Yes when we are in a house and I start asking question, her inexperience shows. It’s difficult because I want to work with the best people but I’m not a ‘big fish’...yet.

@Spence Kal I was thinking the same; purchase the first property and see where it leads. Like you said, you can always get another if this one doesn’t work out..thanks

@Steve Morris thank you for your input, Steve.

@Michael Noto that’s a great way of looking at it, Michael. Waiting 2-3 days in today’s market is a sure chance of losing the deal..

@Joshua D. Thanks for the advice!

@Bruce Lynn thank you, Bruce.

@Evan Cook thanks Evan, best of luck to ya!

@Todd Rasmussen thanks Todd. Might I ask, what does your realtor do that is valuable?

Are they quick to respond, show comps, etc. what will a good/valuable agent do compared to a ‘bad’ agent?