Quote:
Originally Posted by 829
I am new to real estate investing and have a question that is bothering me.
I called my accountant and asked here about setting up a corporation for real estate investing and she recommended that I wait until I get a couple of properties before I setup the corporation. She currently handles my personal and business taxes, so she has nothing to gain by recommending that I wait, but do you all think? She did recommend I go with LLC when we do file, but I am puzzled as to why I would want to wait? She said it was to give me time to decide if I really wanted to be in this business and also taxes were more expensive.
What would you do?
Thank you for any response in advance.
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I would follow my accountant's advice
If you have no properties why would you need a corporation? Over the years I have attended numerous seminars, both real estate and non-real estate alike. It always amazes and amuses me to see attendees knocking each other down to be first in line at the back of the room to sign up for the latest and greatest deal. Now, I'm NOT knocking these educational courses. I spend thousands each year on my own education. But really, if you've not yet purchased your first investment property and your only assets cosist of your home and automobile WHY would you see the need to purchase a $5000 asset protection course???
Just my $0.02
Bill