Hello everyone. I have been doing research into real estate investing in my area and have came to the conclusion I want to give it a try. And I'm looking for advice on what way to start is the best option. Would it be a better to form a LLC and get all the paperwork for a true business In order before trying to purchase a property or should I try to purchase a property as my self then sell it to the business after the fact? Also is it easier to purchase rental properties as an LLC or as a person? Thanks for the advice
@Michael Evers - Welcome and congrats on your decision. The property you invest in and the price you get it at is more critical than the entity you buy it in. You will find hundreds of posts and articles about this topic here on BP, so I won't rehash it. Long story short -I would concentrate on what your criteria will be and finding the right property before I would worry about entities. If you are getting financing, you will most likely need to borrow in your personal name anyway. (Your new LLC will have no income history to show a lender). Properties can be transferred later. My 2cents. Happy investing!
Thank you. That's what I figired would have to happen first.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing