All Forum Posts by: Jackie Forte

Hi @Dani Beit-Or !

Thanks for replying to my post.

I ended up setting up one LLC for flipping and one LLC for rentals and they both fall under one trade name.

I'm focusing on flipping right now. I have been putting in offers, but haven't purchased my first deal just yet. Trying to buy my first property before the end of the year, though! :)

How do you purchase your properties - under an LLC, under your name, etc?

Thank you, 

Jackie

Hi @John Warren !

Thank you for sharing! Yes, I read on BP about issues getting a conventional loan under an LLC and I asked a Bank of America representative who confirmed they will not issue a conventional loan to an LLC. Right now, I'm really trying to focus on flipping (despite the tempting rental opportunities coming my way) so that I can save some cash to use for buying rehab rentals in the future, but when I start to focus more on rentals I will certainly look into purchasing an umbrella policy.

Thank you!

Jackie

Hi BP!I

I have searched for answers to this question, but unfortunately have not found one, so I am hoping some investors, CPAs, and attorneys can chime in! 

I am a new real estate investor. I am planning on starting with fix and flips and fix and rent. After searching the forums and talking to a CPA I have decided to register two entities - one for the flipping side and one for the rental side. 

For example:

1) XYZ Flips, LLC

2) XYZ Rentals, LLC

But I only want one name to be known to the public. For example, I only want to brand one business, have one website, one email domain, one email signature, etc. This company would be called XYZ Properties, LLC.

My questions are:

• What would be the best way to setup the entities to accommodate this? Of course I want to make the decision that provides liability protection for each entity from the others and results in the greatest tax advantage.
• Should XYZ Properties, LLC be setup as a parent company/owner for XYZ Flips, LLC and XYZ Rentals, LLC ?
• Should all three LLCs be setup separately and XYZ Properties, LLC be listed as the DBA name/trade name for XYZ Flips and XYZ Rentals (not sure if this is even possible)?
• Any other other/better ways to handle this?

Many thanks!

Jackie

@Ozzy Sirimsi KW definitely sounds like a great option! Do you think the courses they offer are beneficial for investors? 

@Dmitriy Fomichenko Thanks for the "quiiiiiick tips!" All done! :) Wish you the best!

@Laticia Braxton Thanks for offering your assistance and advice! I'm certainly not planning on being an agent full time. For now, I plan on keeping my full-time W-2 job, but eventually I'd like to become a full time investor and live off of rental income. I'm getting the license so that I can get access to the MLS and have access to the market analysis tools realtors have and use them to make better investment decisions. I was hoping there were brokers out there that would be okay with sponsoring you for your license and giving you access to the MLS in exchange for a fee or maybe a percentage of the deal, no? LOL What kind of training is usually offered and is it mandatory? Thanks again! :)

Thanks @Gilian Gegawin ! Best wishes to you, too! :)

@Carlos Jonathan Fuentes Congratulations! :) I'm currently taking the course to get my real estate license as well. Are you going to be a full time real estate agent? 

Thank you @Melvin J Yazzie ! Best of luck to you as well! :)

@Ozzy Sirimsi Thank you! Congratulations on all your success in real estate thus far! What kind of financing have you used to fund your deals? I'm currently taking the MD Real Estate Salesperson license. Is it easy to find a real estate broker that will sponsor you even though your main reason for joining their team would be for your investment purposes as opposed to selling homes as an agent?