All Forum Posts by: Kathryn Bennett

Ned,

I appreciate all of your input. I will be looking into everything above and I will check out NOLO Press!

Kiersten,

It's good to see someone else post about this. I've also been thinking about starting my own property management company. I have one rental now and just dealt with some things as my first tenant moved out and I never want to personally have to handle those things again. (days of physical labor, trash removal, etc) I'm in the beginning stages but I'll be following this post. I'm still trying to figure out if I should just start an LLC even though I don't have any clients or income yet. Not sure if it would be a waste to setup before that.

Hi Ned! Thank you for the welcome. 

I definitely plan to own my own real estate in either an LLC or S-Corp dependent upon the type of properties (flips, rental). I'm very interested in doing both at this point in time. Do you have any suggestions on getting properties setup in the LLC or corporation when just beginning? I have strong personal credit but right now our cash is not adequate to use a large down payment to try and possibly offset lack of credit within an LLC or corporation. I plan to find investors, whether that be individuals or businesses that are HML.

I am 100% going to be sure I have good insurance as well. Thanks for that tip; that is such a simple thing to setup but easy to forget and can lead to disaster!

With regard to a company created to manage property, I see many LLC's. I'd like to have a business in property management as I can use them for my own properties and other peoples as another side business.

Hello everyone,

I am looking for some opinions regarding incorporating. I currently only have one investment property and I'm seriously wanting to start a property management company alongside REI. I've been told to operate as a sole proprietor until I have actual assets to protect/income from the business. I don't want to make the mistake of setting up an LLC or S-Corp too late and running into problems, but I don't want to deal with fees and a ton of paperwork for a business that isn't creating income yet. Has anyone dealt with this before that can give me insight? I'm pretty new to all of this, so suggestions are greatly appreciated and I'm focused on learning more information everyday.