All Forum Posts by: Rob Beland

Lloyd, just my two cents... Set up a trust, buy a property, make some money, reinvest (same trust), make more money, rinse, repeat...keep your money in your pocket. I would say you do need an accountant and preferably a CPA & if you aren't comfortable with real estate documents have an attorney review them. Don't waste your money on a separate tax accountant and learn from your attorney so you can eventually review your own documents. Buy a book on investing in real estate if you have questions. There is so much information online as well...

Just curious as to why you are setting up an LLC at all...I've owned real estate in Massachusetts for almost 15 years now and every property I've ever owned went into a simple trust. I have plenty of insurance to cover me for any lawsuit and when I file my taxes I simply file a basic tax return with a schedule E for each property. I currently own 5 properties. The only reason somebody would advise you to set up an LLC is if they are somehow going to make money. My accountant (CPA) told me flat out not to set up an LLC. The ONLY time that he said it was possibly an option is if somebody has little or no mortgage debt and millions of dollars in equity. I'm not an attorney or CPA but I trust my advisors.