All Forum Posts by: Todd Radus

Just my two cents for what it's worth. Each state is specific in their laws. While all run in similar ways the laws in each state do vary. Finding a real estate lawyer who can help you that knows your area is a great way of knowing you are legal and will operate legally. Until you sit down with a CPA you will likely not have a viable tax strategy and plan which is truly what establishes what business structure is best for your circumstances. Each situation is different what works best for me is not necessarily what is best for your situation. Uncertainty and guess work can slow you down. In my case I sought advice before starting the new business and an LLC was the way for me to go. The variables involved prevent me from saying whether or not and LLC is what's right for you.

Most states allow for the re-structuring of a business or a change in scope if you have made a mistake. The CPA is going to help you develop a cash flow and tax plan and should have advice on what structure is best for your situation. The attorney will help you operate legally with in your state. Developing a relationship with an attorney and CPA can truly make running your business much easier. You will know who to call. You won't have to waste time seeking legal advice, drawing up contracts, filing taxes or developing cash flow strategies. I even gave up doing books, it's far more valuable to simply track your spending and income and send it over to your book keeper. With today's apps I simply forward my expense and travel app reports and my bank statement each month and I'm done with books. The freeing up of time and reduction of stress are well worth the cost. If I have a question about spending or taxes or need some payroll I simply call my CPA he can draw up the payroll if needed and the advice is free and only takes a few seconds to get.  It is truly freeing to know that you are doing things correctly, in my opinion these professionals are worth every penny you pay them, especially if they are good at what they do. 

Again, just my two cents, best wishes to you in your new venture.

I'm in East Stroudsburg PA and started my real venture into Real Estate with my first successful investment property this past year. I'm now looking to build capital as a wholesaler and build my portfolio of rental properties. I have a couple of big mistakes under my belt with lessons learned that are priceless. I'm looking forward to building relationships on and beyond BP.