Newbie - LLC question

[Ann A.]

I am new to REI. Still learning and do not own any investment property yet. I am networking and listening to podcasts and gearing up for my 1st investment. LLC seems like a no-brainer to me to protect my personal assets. But the questions is, would a bank give loan to a new LLC which has no credit history? How does that work? I have excellent credit history. How does that tie in with the LLC situation? Any suggestions on what else I need to have (in addition to LLC) to have my ducks in a row before I buy my 1st investment property?

[Chris L.]

Hello Ann,

An LLC is definitely the way to go. You title the property in an LLC but the bank will still make you sign as a personal guarantor for the LLC. Hope that helps.

Cheers!