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Should I start a company to renovate 2 houses?

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  • 12-12-2013 12:39am
    #1
    wonder1
    Registered Users Posts: 9 ✭


    Hi,

    Hope I'm in the correct section, and hope I can get some advice.
    My cousin and I are looking at 2 properties we want to renovate to let out and are relatively new to this. Call us crazy, but loads of people were trying to do this thing 5 years when prices were sky high and its a lot cheaper now. We're both in our 30's have some cash and time, and if we can get a good deal, the long term value should be there in it.

    Anyway, We have some money behind us, and would borrow some more. The properties need a good share of work so we would be incurring costs.

    What we are wondering is, should we set up a company to run all this from. Would it be more efficient from a tax stand point and writing off expenses, mortgage interest etc. or are we better off just pooling our money and doing it from there?

    Any suggestions/advice/experience welcome.

    thanks
    Tagged:


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    #2
    shanered
    Registered Users Posts: 1,117 ✭✭✭shanered


    You want to start a company and pay yourself for a job you want to do for yourself and write off the expenses?

    Not sure if it works that way.

    IM pretty sure your better off just paying somebody else unless you have.some idea about running a construction company.


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    #3
    ShadDixon
    Registered Users Posts: 2 ✭ShadDixon


    I think the biggest thing you could do to protect yourself is have a written agreement with your cousin. Make sure it is clearly written out who is putting in what, who gets what back in return, who will manage properties once you have them renovated?

    Talk to an accountant as well.

    Good luck.

    Shad Dixon


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