All Forum Posts by: Ketan Pattani

Hi BP,

I have only recently started learning about RE and was not planning on making any investment anytime soon. However, an opportunity has come up that I don't think I should pass off. My wife currently leases a space for her business. I am looking to purchase an office(cash) and lease it to her business. I have started applying for a LLC to purchase the property. I have whole bunch of questions.

How do I fund the LLC in a tax beneficial way?

Should I keep the LLC as sole proprietorship or S corp? I have read that C corp would be bad.

Will a promisory note from me to the LLC be sufficient? Is 0% interest ok? Any other records I need to keep/make?

Should the LLC pay me back on a installment basis?

Eventually when the LLC sells the property is there a lower basis of capital gains after x number of years?

Anything else?

I greatly appreciate y'all s input.

Thanks,

Ketan

Thanks! guys.

Hi BP,

I joined BP last month and I have been trying to absorb a lot of information regarding RE from BP, books and other internet resources.  The more I learn, the more I find there is that I need to learn.  Coming from an IT background,  the most difficulty I have with is the order in which things need to be done(like writing code, if this then this else this) especially paperwork.  I am also taking courses for RE Agent and planning on getting that done by year end.  Hopefully, I will be ready early next year.

Regards,

Ketan