All Forum Posts by: Lance H.

Thank you @Steven Hamilton II and @Brian Borawski for your responses, that really clarifies things for me that it will make more sense to either convert my S corp to an LLC or just open a new LLC

One More question if you could...

Part of my business will be controlling properties via rent to own and then subleasing them out for slightly more until I decide whether to purchase the house or not. Being that I don't actually own the home, is there any advantage in holding it in an S corp or am I still just as well or better off holding it in the LLC?

Thanks again for your help!

Hi Everyone,

In searching through the forums I have seen people say regularly that LLC is preferable to an S Corp for passive business income like buy and hold. My question is why?

I ask because I already have an S-Corp and I'm considering moving my rental into it, but being the typical recommendation is LLC I need to figure out if forming an LLC for the rental is a better move. My attorney said that either would protect my interests from liability to a satisfactory degree, and I will of course talk to my accountant when he returns from vacation next week. I'm just trying to gain some knowledge before going into that conversation.

Thanks

Lance H

New job is partnering with and in 3-5 years taking over the book of business for a very profitable financial advisor family member.

I agree that it really wouldn't be a conflict, but this will be the 3rd bank I've worked for and all 3 have actually said it wasn't allowed. I moved forward anyway at the current bank because the intent was to transition out of the bank anyway.

Hey Everyone,

I have spent the last several months putting together the infrastructure to start a property management company, including getting RE Broker license, starting a S-Corp and designing a website. 1 week after I started marketing I have received a job offer that I cannot refuse! The problem is my new job will not allow me to use my RE Broker license (conflict of interest) which is required for PM's where I'm at. I can own/have an interest in properties, just can't use the Broker license.

So my question is, what would you all recommend as a next step in my RE career? I do not have enough for a DP, but I have access to people who do and have shown interest in investing. However new job is commissioned based and won't qualify for financing for 2 years. I was thinking about maybe sandwich lease options or something creative like that.

Any thoughts/ideas would be very appreciated.

Thanks

Small world! Cool to see a familiar face on here.