All Forum Posts by: Jake Belden

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $325,900
Cash invested: $16,295

Single Family new build townhome. 3 bed, 2.5 bath, 1795 Square Feet

@Michael Noto thank you Mike. Much appreciated for the help.

Hello everyone! In need of a CPA for tax season year in and year out from this point forward. Last year used H&R Block, definitely wouldn't use again with the second property for this year... Please if anyone has any recommended CPA's in the CT area, let me know!

@Filipe Pereira what a great response to all questions asked by everyone. Thank you so much. I often read the forums here but never posted. This confirmed it was smart of me to reach out and ask. Thank you again. Onto property #3!

@Alexander Bacon hey Alex, that is something I was wondering as well. When doing some research (and I'm sure you've seen as well), the pricing of an LLC is truly pretty cheap. With that said, I think it's smarter to get one sooner rather than later. I am a year in as of this upcoming April 29 and would feel a lot better just having that extra protection.

I would also take a look at what Mike Doherty said above in regards to financing initially under personal name for lower rate, and than switching it over. Seems like a pretty great strategy.

@James Johnson keep me updated. See Mike's response above yours.. according to him, it is best to quick claim because the rate is locked in with what you currently have. Refinancing under the LLC May increase the rate.

@Michael Doherty what a huge help on all questions. Thank you so much.

If you have the time, can you expand on #3 if you know this: is any LLC able to file their taxes separately from their own taxes and is this the way to go? My understanding is an LLC can act as a corporation and file separately, which is what I want (I have a business partner and we want it this way)

Any help would be great! Thanks everyone

In the past year, I have purchased two properties in the state of Connecticut, but am yet to form an LLC, which I would like to do ASAP obviously for a number of reasons. I have put 25% down on both properties with a credit score on 820 and solid income so no issues there. I will list a series of questions that I would love a long time professional or expert in the field to answer and help someone out that is looking to continue to grow the business in the coming years:

Is it difficult to transfer the two purchased properties over to an LLC? Will I need to refinance and find a new lender most likely, or is it just a simple transfer hopefully?

Should I use an attorney for the LLC or just do it online? I always see cheap pricing online to form one but can I trust that?

Is there anything specific I need to do prior to forming the LLC to make sure I can tax the company completely separate from my actual, personal tax form each year? (I know it is possible, just not sure on specifics)

Is insurance more expensive when under an LLC instead of under my personal name generally?

Will the interest rates go up due to it being changed to an LLC?

Will financing be more difficult in the future under the LLC?

Any other tips are much appreciated but those are the questions that have been running through my head a lot.