Should I have a LLC on my first deal?

5 Replies

Hey BP community! So I wanted to hear everyone's opinion on a specific subject. Do you think I need to have an LLC set up before I go and get my first deal? What are the draw backs if I don't?

@Cody Wilkinson This is a great question for TWO team members you should have on your team, 1) Your CPA, and 2) Your attorney. Make sure both work with investors, if they have their own properties, a bonus. 

GET THE DEAL!!!! you can always move a property into an LLC for asset protection. However if you are waiting to get an LLC in order to buy a deal then you may as well be in the LLC formation business instead of real estate.

@Jack Bobeck Thank you! I will check with the attorney I'm working with and see what they have to say.

@Shawn Ackerman That's what I thought. I just wanted to make sure I wouldn't get screwed if I didn't get one first. Thank you!

@Cody Wilkinson I'm with you brother. Now if you are working with a commercial lender they would want to lend to your LLC opposed to conventional lender. If there is no lender involved then it doesn't matter. All the best to you!!!

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