Entrepreneur

0 readers

1 users here now

Rules

No Personal Attacks - criticism of ideas is allowed, attacking people is not.
Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.

Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.

founded 1 year ago

MODERATORS

communick@indiehackers.space

Property Startup (alien.top)

submitted 11 months ago by Puzzleheaded-Lynx-52@alien.top to c/entrepreneur@indiehackers.space

7 comments fedilink hide all child comments

Hey all - I am US-based. I already have one business but am looking to diversify. We travel to Florida quite a bit as it is and I am thinking about killing two birds with one stone and starting an LLC or something and purchasing a place with it. I want to walk before I run and take our time with it so as a worst-case, it would be somewhere we're using ourselves and testing out with rentals along the way. Best case, we like doing it and expand it. I figure it gives us a vacation spot, tax advantages, and a business opportunity.

I am looking for general advice on the startup, best practices, pitfalls to avoid, etc. from anyone who has ventured down the same road. Thanks in advance.

you are viewing a single comment's thread
view the rest of the comments

[–] Puzzleheaded-Lynx-52@alien.top 1 points 11 months ago (1 children)

To start, all I want to do is buy a property (likely a condo that we would either use ourselves or do short-term rentals). It could evolve into anything but this is a first foray so I am open to anything. For right now, I'd say purely focus on buying one property and focusing on the business setup side of it.

[–] travelguy23@alien.top 1 points 11 months ago (1 children)

You don't need to set up a business. Just buy the property in your name. Don't overcomplicate a simple situation.

[–] Puzzleheaded-Lynx-52@alien.top 1 points 11 months ago (1 children)

The business part is what I am trying to do though. For tax and liability reasons. I guess could you provide more detail if you don't see a reason for that?

[–] travelguy23@alien.top 1 points 11 months ago (1 children)

You're just making a simple thing complicated. For a start, do you have the cash to buy a property? If not, you need a mortage. Who will lend to your new LLC? Probably no one. What then?

You can buy liability insurance as an individual.

What's the difference in tax? Will you save enough to make all the complexity worth it?

[–] Puzzleheaded-Lynx-52@alien.top 1 points 11 months ago

Ok well assume that I don't see it as overly complex and wouldn't be using outside cash. Do you have experience in the space? If so, I'd love to hear what you did to be successful or if you went the non-entity route, what that looked like for you. Thanks!