All Forum Posts by: Kirsten M.

Hi Margaret! I have a great real estate attorney who can help set up your business structures. The firm he works for also has an in-house attorney. I'll send you the contact information through a direct message. 

I'd definitely speak to an attorney about how to move forward with this. You definitely want to do it right since you'll be partnering with your sister. You'll also want to talk to a CPA about how to 1031 your existing property into the new one. I'll send you a contact for an attorney.

Personally, I purchased my rentals in my name and later transferred to an LLC. There are ways of structuring it so that the due on sale clause doesn't occur. Have you already set up your LLCs?

Quote from @Cassandra Weesies:

Hey @Kirsten M.  I would love the contact info as well if you don't mind sharing.  Thank you!

  Check the message I sent with the Colleague Request.

You can e-sign. If you need your signature notarized, you could go to a US consulate and have it done there. Each signature costs $50.00. I've closed multiple houses while abroad.

Quote from @Jeff Robb:

Quote from @Kirsten M.:

Hi Isabella! We've been working with the same CPA in Albuquerque for the last 4 years and he is wonderful. He has saved us a lot of money and our AGI is so much lower now. :) I'll send you his contact information.

Can you send me your CPA info as well? Thank you.

 Check the message I sent with the Colleague Request.

Hi Isabella! We've been working with the same CPA in Albuquerque for the last 4 years and he is wonderful. He has saved us a lot of money and our AGI is so much lower now. :) I'll send you his contact information.

Quote from @Ku Thao:

Quote from @Kirsten M.:

Quote from @Ku Thao:

Quote from @Samuel Young:

I'll definitely be creating a separate account but I am wondering if I should open a specific "Business Checking account" or just another personal checking account?

This is the same question I have. I will not be opening up an LLC at the moment.

When I first started investing I didn't open a business account, however, I kept meticulous records of all business expenses and had documentation to back up everything. My accountant loves me! Ha! Once my portfolio grew and the properties were put in different entities, I opened a business account. My best advice, if you aren't good at keeping your books clean, open a different account just for your real estate investments.

 I might be missing some details regarding the "business checking account".  When I go to different institutions that offer this service, it requires an "EIN" tax number or an entity type.  Can I get a "business checking account" without one of the business entities?  

In order to get a "business checking account", you will need an EIN number. I think a lot of first time investors start with opening a separate checking account and use it as their business checking account. 

Quote from @Ku Thao:

Quote from @Samuel Young:

I'll definitely be creating a separate account but I am wondering if I should open a specific "Business Checking account" or just another personal checking account?

This is the same question I have. I will not be opening up an LLC at the moment.

When I first started investing I didn't open a business account, however, I kept meticulous records of all business expenses and had documentation to back up everything. My accountant loves me! Ha! Once my portfolio grew and the properties were put in different entities, I opened a business account. My best advice, if you aren't good at keeping your books clean, open a different account just for your real estate investments.

Hey Darrell. You'll get a lot of answers on this topic. Personally, I started investing by putting things in my name. I didn't start investing with the intentions to acquire a lot of properties, but once I got to a certain point, I moved them into LLCs. I'd be happy to answer more questions about how to do it that way if you'd be interested.