All Forum Posts by: Daniel Murphy

I appreciate the replies. It was a sideline conversation and so it is entirely possible that we just weren't on the same script. I'll book some time with him to focus on this topic and if it still sounds odd I'll take David's advice on seeking a second opinion. 

Hi all, this is my first real question here... a CPA recommended that for a residential rental business in NC I should start an LLC but buy the homes in my own name because a business cannot deduct the mortgage interest but an individual can. I'm having trouble wrapping my head around that; if the homes are in my name what is the point of the LLC? Also, does that sound right (the part about a business not deducting the mortgage interest)?

Hello to all, I recently discovered BP and as Kicking Bird says- "Introductions should come first". I have a full time corporate gig with a couple decades of experience during which I have dabbled lightly on the side with landlording. Lately I think it's fair to say a switch has been flipped and I decided to get serious about real estate investing as a way to enhance our investment portfolio. I'm not planning to quit my day job tomorrow, but if I can do this right I would definitely like to retire several years ahead of schedule. Or, as manufacturing certainly tends to go, if my current gig dries up before then I'd like to be far enough along in real estate that I have the option to pursue it full time rather than looking for another corporate job.

I live in Youngsville NC and I have some land nearby that I am pulling together data on to decide how best to develop it. Once I get that whipped into shape, I'll be looking for more investment opportunities. I'm hoping to use BP to acquire knowledge on setting up my business for success and networking with others for mutual benefit.