All Forum Posts by: Will Armstrong

@Michelle Campbell yes, I have, but it's been a while. I'll definitely pull it back off the bookshelf and review some topics. Thanks for the reminder that I have that!

So really by having an LLC and a business bank account, it's neither hurting me nor helping me?

Do you know if I'd owe more in taxes if they were made through the LLC as opposed to personally, or would it be the same?

Thanks Chris, this is very helpful. I will definitely look more into using the LLC as the property management company.

Hey everyone!

I recently purchased my first investment property and as a newbie, I have a few questions. For years, I've been reading and learning on the BiggerPockets site, but it's amazing how much you don't know once you actually get started. 

Here is some background info:
I am a 22-year-old recent college grad (as of December 2018). I currently live at home and am in the process of closing on a single-family home near a college campus near me that I plan to live in for a month or two and then rent out to students. I obtained a conventional primary residential mortgage and the purchase is in my name.

I also have an LLC, which currently isn't being used. I plan to make another property purchase within the next year, and I am looking for tax and legal advice on how to run and grow this business. I understand that many of you are not experts in these fields, however, sharing any stories or just giving me a sense of direction would be very helpful. Below are a few specific questions I have:

1. Should I open a business bank account for the rent I collect, or at this point should I just open a separate personal checking account? This would require an EIN...is it worth it if it's just me?

2. I was told by the mortgage broker that if I transfer the property to the LLC, it may make my personal financial position look less appealing and it may be harder to get a second loan. If this is the case, how do I legally protect myself and my assets?

3. How much do I have to make a year in rental profits to have to report it as income?

4. At this point, I really don't know what about taxes, especially business taxes, so any useful information helps.

James, I was looking into the Parma area. Do you know much about that market?

Hey everyone, 

Just wanted to introduce myself. I am a recent college grad and am looking to buy my first rental in the Cleveland area. I graduated in December 2018 from The University of Akron with a business degree and am currently working as a construction manager. I am looking to use Biggerpockets to learn and to grow my network! 

I have been interested in investing in real estate since high school and am eager to begin investing now that I am working full-time. My biggest challenge right now is overcoming analysis paralysis. I feel I've been looking at deals for so long, that I'm having trouble pulling the trigger. Any advice?