OfflineI opened an LLC for use as a Tax Benifit for all future business related Real Estate investing. Things like looking at properities (travel expenses). Business dinners with prospective buyers or sellers or brokers/. Business related items used for researching properties (new computer, business cards, flyers etc.) Car related write offs for expenses used for driving and looking at properties. All related expenses used for looking for that next property. Opened the LLC before even owning the next property.
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Are you asking a question here or was you just making a statement?? Was kind of confused...
Was just wondering what people's thoughts were.
Your right to have opened an LLC prior to purchasing any properties, it's a good first step. It will force you to begin acting like you have a business...and it will also save you a lot of time later on having to deed to properties over to yourself using Quit Claim Deed form.
Luck is when Preparation crosses paths with Opportunity!
That's my thinking. I live in Connecticut and plan to buy my next rental property in Florida since my little sister will live in it. I will save her some money and I will make some cash flow in the process. I want to go there a few times to check out some properties and this can get expensive. Airfair-hotel-travel etc...I will be able to write off these trips.
See thats why? I'm wanting to Purchase A LLC.
Huh?