Why no S-Corp election?

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Jul 17, 2024
8:15:32am

Odysseus All-American

Why no S-Corp election?

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Odysseus

Previous username: THUNDERDOME69
Bio page: Odysseus
Joined: Oct 28, 2014
Last login: Nov 4, 2024
Total posts: 34,547 (12,209 FO)

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Messages

Author

Time

Real estate investment question - my wife and I are under contract to buy our

Chasicle

Jul 16, 6:01pm

Yes. Yes.

WizeGuise

Jul 16, 6:02pm

And insurance obviously.

WizeGuise

Jul 16, 6:03pm

Don't bother with the LLC, just get good insurance. Don't forget

toadie

Jul 16, 6:03pm

Lack of LLC would open you up to personal lawsuits, no?

blueaussie

Jul 16, 6:17pm

I personally would set up an LLC if I were them.

JohnnyC

Jul 16, 6:18pm

Definitely

volleyjiver

Jul 16, 6:35pm

Whats your rationale why not? That goes against what both my CPA & attorney say.

BYUfan92

Jul 17, 7:41am

Ask your attorney how easy it is to pierce the LLC to get to

toadie

Jul 17, 8:13am

To have it an LLC, you would want to have the LLC buy the property not your wife and you

Baron

Jul 16, 6:28pm

Yes, but an LLC can get set up in a few minutes minutes or they can

volleyjiver

Jul 16, 6:34pm

Depends on the mortgage too, but again, he needs to talk to a lawyer because right now all that you just said would

Baron

Jul 16, 6:35pm

Boardmail sent. There's some bad advice on this thread. Be wary.

Real Men Wear Blue

Jul 16, 6:37pm

It is like the evening news, "watch out this may kill you tonight, we will tell you more at 11:30 PM"

Baron

Jul 16, 6:48pm

Why keep it private. Why not inform the masses about what is bad advice?

ochobeeguy

Jul 16, 6:55pm

No lender is going to let you buy it with the LLC

Gustav

Jul 16, 6:50pm

Seller-financing.

Chasicle

Jul 16, 7:05pm

I just talked with B of A yesterday about this and they suggested LLC / separate

BYUfan92

Jul 17, 7:45am

RE: I just talked with B of A yesterday about this and they suggested LLC /

Gustav

Jul 17, 8:33am

First discussion with them, but they were talking SBA 7A, conventional, 504

BYUfan92

Jul 17, 9:04am

Yes, open an LLC. There are some one here who basically say, "there are some unique cases in which the protections of

vegasnative

Jul 17, 12:47am

Why no S-Corp election?

Odysseus

Jul 17, 8:15am

How are you getting the number to work on an investment property right now?

ThatBYUFan

Jul 17, 7:38am

Yes. I developed my own investment property spreadsheet with purchase price,

Chasicle

Jul 17, 9:53am

Just released Mainstreetpulse.com to help investors stay on top of all this.

crobdog

Jul 24, 7:20pm

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