Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Setting Up Your Real Estate Investing Business

Written by Ilyce Glink on February 11, 2011 in Real Estate  |   2 comments

Q: I am currently renovating a property in order to rent it. I am interested in opening a bank account to keep those funds separate. One bank has told me that I need a business license. Can you help me find information about opening a…

Q: I am currently renovating a property in order to rent it. I am interested in opening a bank account to keep those funds separate. One bank has told me that I need a business license. Can you help me find information about opening a bank account? Using a business name vs. personal?

Andy Heller has been investing in real estate for the past twenty years and currently holds more than twenty properties in his portfolio. In addition, he and his investing partner, Scott Frank, have written a number of books (Buy Low, Rent Smart, Sell High; Buy Even Lower; 6 ½ Ways to Conserve Cash When Buying Homes ) on investing in real estate and are cofounders of RealtyJoin.com, a free social-networking and marketplace website that is open to buyers, sellers, investors, and the companies that provide the services they need to close on their real estate deals.

I asked Andy to answer your real estate investing question so you could get the benefit of his years of expertise. Here’s what he had to say:

“I do not believe all banks will require you to have a business license in advance of setting up an account. But you might need an EIN, which is an Employer Identification Number, provided by the IRS if you truly want the business to be separate.

“Here are two important steps you should take when starting your real estate investing business:

“Step #1: Speak with your accountant and discuss your real estate investment goals. You want to create an investment property plan and decide whether you’re going to have just this one investment or if you plan to purchase additional properties. If you plan to do more investing, your accountant will help you figure out what type of legal entity to establish for your real estate investments. Many investors use LLCs, and you can apply for this online in your county; the process takes minutes.

“Step #2: After you figure out what type of legal entity to open, get the paperwork done for that, and get an EIN from the IRS, then you should meet with the banks you are considering using. Ask if they have an “entrepreneur” or “premium banker” program. Most banks have a department or person that deals specifically with investors and small businesses, and it is much easier to get concise answers and guidance when dealing with the right person. Simply tell the banker which entity you selected (and if there is a delay in your state before you can use this entity), and the banker should be able to provide the proper counsel on which types of accounts you’ll need to open up. You may find the bank willing to start an account in an individual’s name and then later convert it to a business account.

“I believe your main issue is actually accurate record keeping. That’s a very important point, and it can get complicated if you wind up buying several properties. We use QuickBooks to run this business.

“Years ago, my partner, Scott, and I purchased, rehabbed, and rented a property using ‘personal funds.’ Once we realized we wanted to continue to invest, we formed an LLC, and our accountant was able to use all receipts and expenditures from before the LLC was created.

“It was just a bit more paperwork, but since then we’ve kept everything dealing with our real estate investments separate and distinct from our personal or family money.”

Contact Andy Heller at andy.heller@realtyjoin.com.

Ilyce R. 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 and at the Home Equity blog for CBS MoneyWatch.


Read More.

2 comments

  1. Editor, Equifax Personal Finance Blog says:

    Comment from Harry at ActiveRain:

    I love educating people on the power of real estate investing. I have been working with investors for the past ten years. I even have my own radio show.

    http://activerain.com/blogsview/2131126/setting-up-your-real-estate-investing-business

  2. Editor, Equifax Personal Finance Blog says:

    Comment from Laura at ActiveRain:

    Thanks for the links and book titles. Good information to share in these changing markets.

    http://activerain.com/blogsview/2131126/setting-up-your-real-estate-investing-business


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Real Estate Archive