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When aquiring investment properties, when is a good time to get an LLC?
By Tom | February 18, 2007
fontainegraphix asked:
I’m getting ready to buy my first investment property. It’s the only one I’ll have for a short time, so should I put it in an LLC knowing that I’ll get more properties in the future? I don’t want my personal information just out there so I didn’t wan the house in my name. Do I need to speak to a real estate attorney to aquire the LLC, and what are the costs involved in getting one? Thanks!
Jared
Topics: investment properties | 2 Comments »
February 18th, 2007 at 12:44 pm
see a solicitor it may be cheaper to buy and put in a trust…usually when buying through a LLC the mortgage rates offered are higher than usual…
February 18th, 2007 at 6:00 pm
GOOD QUESTION!
Yes, you will want to put the property in an LLC although you dont have to use and LLC… you can use FLP, LLP, etc..
You dont need an attorney to acquire the LLC but you will need the attorney to help you write up your LLC. They will make sure its written up in your best interest.
If youre a bit lazy, you can have the attorney do it all for you but it will likely cost you an extra 1k. The costs are different from state to state. TX is a few hundred dollars and is only needed once. CA costs are much higher and needs to be renewed every year, yuck! But its worth it if your serious about real estate investing.
Easy Answer: Get with your attorney on this and explain what your plans are for the future.
FYI:Its not about having your personal info out in the open as it is used for legal protection.
Good L.U.C.K.! (Learning Under Correct Knowledge)