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    hkm7777's Avatar
    hkm7777 Posts: 1, Reputation: 1
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    #1

    Jan 4, 2008, 01:28 PM
    Open a S-Corp
    Hi,
    I own 6 investment properties (single-family-rntals) on my name. A friend of mine suggested that I should open a S corporation to get the benefits of a small business. Please let me know if this is a good idea and also how do I start? If I open a S corporation, how do I transfer the mortgages that are on my name to the corporation? Your help is appreciated and thank you in advance.
    floridawizdom's Avatar
    floridawizdom Posts: 5, Reputation: 1
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    #2

    Feb 1, 2008, 12:18 PM
    Get each in an LLC (each in its own LLC). Protection of your assets could be more important than tax savings... I'm being sued for all my assets because I am open with my properties, and because I cosigned loans... all the co-signed loans are now in foreclosure. I am not protected, so I may have to file for bankruptcy and lose all my rentals in the process... You can set up an LLC, then deed the house to the LLC. Talk to your financial advisor/attorney for more info. Good luck.
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