Even though I am going to just birddog initially, should I go ahead and get financial pre-approval from a traditional lender so I’m ready to go if I find a rehab I want to do myself? I don’t want unnecessary credit hits that might lower my score. . .
And should I form an Inc or an LLC? I have a website domain that I am developing and want to “legalize” myself so again, when I’m ready to take on the rehab, I am protected?
Advise, and what’s the cheapest way to do it - I’m in Maryland. I’ve heard you can do it for $100 and I’ve heard it takes $950 to incorporate!!! What gives?
Immy
thanks in advance for the replies.
You can go straight to www.md.gov ( I think it is) I have filed 2 business licenses through the web. With an LLC I think you have to go to our local license dept. because you have to pay for it. The site should have all of the information for you. If that doesn’t bring up the right site then just type it into a search engine instead.
Thanks for that link - that is perfect - all the info in one place.
I am confused as to do an Inc. or an LLC - I heard that you can form an S-Corp (Inc) or an LLC taxable as an S corp to flip real estate. I just want to make sure when I pay all that $$ that I’m filing for the correct thing!
Everyone I have talked to says an LLC is the best way to go.
I am a firm believer that the ONLY way to go is a “C” Corporation. You may also want to look into a FLP…Family Limited Partnership.
Why do you recommend the C- Corp?
I’ve read hold in an S, flip in a C (or vice versa) or do the LLC thing.
Goodness, I don’ t know what to do! I’ll go over to the money forum and see what they say also.