This week’s question comes from Mantas on the Real Estate Rookie Facebook Group. Mantas is asking: How do I place properties under a newly acquired LLC?
Before you place your properties in an LLC, you’ll need to ask yourself if you need an LLC in the first place. This really depends on your goals as an investor and whether you have a partner or not. Many investors skip the LLC route and put a rental property solely in their name, while other investors that work with partners choose to either start a new LLC or put the new investment property in their current LLC.
Here are some suggestions:
Make sure you know the financing options for LLCs vs. buying in your own name
Get an umbrella policy if you don’t have an LLC
Speak to a trusted attorney or submit LLC paperwork yourself (if not too burdensome)
Get commercial financing for your LLC and purchase the house in its name
And Much More!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: http://biggerpockets.com/rookie64