Updated almost 4 years ago on . Most recent reply
Utilizing an LLC for House Hacking Revenue & Expenses
Greetings BP community,
I am getting ready to make some offers on a primary residence (first-time home buyer) that I will use to House Hack. My understanding is that it is NOT recommended to actually purchase the property under an LLC so that I can acquire primary residence financing. However, I would like to set up an LLC so that I can start a business bank account to separate all revenue (monthly rent) and expenses (renovations, utilities, etc) from personal expenses. In other words, the house won't be held under the LLC, but the revenue/expenses of the property would take place within the LLC. In the future, I plan to purchase investment properties through the LLC as well. Has anyone had experience with sort of structure when starting out? Is it recommended?
Thanks for the feedback, in advance!
I am getting ready to make some offers on a primary residence (first-time home buyer) that I will use to House Hack. My understanding is that it is NOT recommended to actually purchase the property under an LLC so that I can acquire primary residence financing. However, I would like to set up an LLC so that I can start a business bank account to separate all revenue (monthly rent) and expenses (renovations, utilities, etc) from personal expenses. In other words, the house won't be held under the LLC, but the revenue/expenses of the property would take place within the LLC. In the future, I plan to purchase investment properties through the LLC as well. Has anyone had experience with sort of structure when starting out? Is it recommended?
Thanks for the feedback, in advance!