Here’s an age old question for real estate investors: how do you choose a state to setup an LLC in? I’m not a lawyer, but I’m sharing my experience and some resources on today’s show!
This Q&A episode of Investing in Real Estate features three of your great questions on setting up LLCs, finding a tax accountant who understands real estate investing, and why timing the market can’t help you reach your goals. Click play to hear my answers to your real estate investing questions!
On this episode you’ll learn:
- How to decide which state to set up your LLC in.
- The best way to find a real estate savvy CPA.
- My thoughts on timing the market.
- And more!
How to Decide Which State to Set Up Your LLC In
I’m not a lawyer, so I recommend reaching out to one to get personalized advice. I highly recommend the team at Corporate Direct. I can tell you what we’ve always done. We set up our LLCs in the states where our properties are located. Our Texas properties are in a Texas LLC, our Missouri properties in a Missouri LLC, and so on.. Then those LLCs report up to a holding company in Wyoming. Again, please be sure to get personalized counsel from a lawyer.
The Best Way to Find a Real Estate Savvy CPA
The best in the business is Tom Wheelwright’s team at Wealthability. But if you’re unable to work with Wealthability or just want someone local, Tom has an entire network of trained CPAs who are trained in real estate, wealth building, and tax savings strategies. Check out their website and schedule a free call here.
My Thoughts on Timing the Market
I don’t believe in trying to time the market. Time in the market is what’s going to help you reach your real estate goals. I would recommend taking a good look at your portfolio to make sure that you’re getting solid returns. If so, you may want to entertain tapping into your equity to continue buying rental properties.
Episode Resources
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Dan Kraus at Churchill Mortgage
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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