For people considering an investment in real estate, it can be tricky to know where to begin. A reader of mine wrote to me to ask about a property he was renovating in order to rent it.
He wanted to open a bank account to keep those funds separate from his personal finances, but the bank told him that he needed a business license. Confused, he turned to me for help.
I contacted my colleague, real estate investor and author Andy Heller, who together with his partner Scott Frank, have written a number of books on the subject and currently hold more than twenty properties in their portfolio.
Heller offered his advice, gained from years of experience in the real estate investing world. To read his thoughts about business licenses, LLCs, investment plans, banking, and more, see my full blog at http://real-estate.equifax.com/2011/02/setting-up-your-real-estate-investing.html
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blog and CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investor