Real Estate Investors Online

I have talked to others and have been to sunbiz looking at setting up an LLC. I understand I can save half the ss taxes this way(filing under S corp.) Who is doing this? How does it effect applying for a mortgage ? Anyone have a good/bad reason to set one up?

I set them up all the time. I let my accountant deal with the tax issues. I don't pay enough attention to the IRS regs anymore to worry about that side of it, but the reason I use them is for Asset Isolation and Insurance purposes (you notice I didn't say "Asset Protection"). My insurance agent let me in on a little secret about Liability Insurance. When I buy in an LLC, I must buy a seperate Liability Policy. That policy can be used to cover multiple properties owned by the same LLC. As long as you're comfortable with more than one property per LLC (Asset Isolation) you save money on the insurance side of the equasion (ask your agent, if you need one I'll PM you). As far as a lender is concerned, a private money lender will probably ask for a personal gauranty (I know I always did). As for the Banks... who knows waht they want this week?

Please Steve, send me the insurance referral.

Kim Grove is the Agent/Owner
Grove & Associates Insurance LLC
Home-Auto-Business Insurance. We Represent Many Leading Companies Giving Us the Ability to Find You the Best Insurance. Call for a quote.

2047 Reynolds Street,
Sarasota, FL 34231

(941) 925-3330

Tell her you found her on this website!