LLC or series LLC? is it common or necessary ?
Hello bigger pockets!!! This is my first post here in the forum and just wanted to say hello! At this time I only have one rental property and my house that I live in. Eventually I am looking to acquire more properties but had a business question. Is an LLC or a series LLC necessary to have if I grow? No just to let you know my end goal is probably only 10 properties enough to live off of and quit my day job. I talked to a local real estate investor and he said that is the only way that I should do business is with an LLC and if I have more than one property to do a series. He also told me never to have too much money in the bank for fear of getting sued and them taking your capital. This local investor has about seven properties none of them are paid but effectively uses the BRRRR strategy. He told me never to pay off a property and only keep smaller amounts of money in the bank and keep acquiring. Any thoughts on the LLC stuff???