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by Kimberly Shallenberger-Cameron
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ST piece of advice I offer every “new” real estate investor or would-be rehabber is to seek excellent tax and legal council. When seeking advice of an accountant, research for a company or individual with experience in real estate. When it comes to home improvements and rehabbing, things like repairing a door verses replacing a door depreciate very differently having varying tax consequences. A knowledgeable tax advisor can be your greatest asset when Uncle Sam comes a callin'!
This is also true of your legal ally a.k.a. your attorney. Protect your current assets and minimize your exposure and vulnerability to liability should the unexpected occur- like someone becoming injured on your property, loss due to theft and possible items not covered under your insurance policy (that’s another story for another day- which I will post to my blog at
http://www.stlagent.com). Your attorney will guide you on an appropriate course of action be it in creating an LLC (Limited Liability Corporation) or other appropriate precautions to protect your best interests.
Along theses same lines, when you go to look for the rest of your core group of “experts” as you begin your endeavor into investment properties, seek out individuals who not only know their business, but have also owned investment properties themselves. For example, I run into residential real estate agents far too often than I care to reveal who are offering all sorts of bad advice to would-be investors because they are trying to find an investment property and don’t know the difference between an investment and a primary residence.
Not to beat my own dru |
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