When to open an LLC or C/S-Corp?

[Mitch Moctezuma]

Hello,

I have two single family homes and my primary residence. I have been talking to my mortgage person and have an appointment with my CPA. I was just wondering what to watch out for, what is my best move. I want to know if it is beneficial to turn my properties into an LLC/Corp or just start with my next renal. I already ran my current rentals through the calculators and I think mistakes were made but I wanna know what to do from this point. What's smart, my goal is to keep growing and plan to get bigger but need some guidance. I am also brand new to all this forum stuff so go easy on me.

Mitch

[Steve Vaughan]

Originally posted by @Mitch Moctezuma:

Hello,

I have two single family homes and my primary residence. I have been talking to my mortgage person and have an appointment with my CPA. I was just wondering what to watch out for, what is my best move. I want to know if it is beneficial to turn my properties into an LLC/Corp or just start with my next renal. I already ran my current rentals through the calculators and I think mistakes were made but I wanna know what to do from this point. What's smart, my goal is to keep growing and plan to get bigger but need some guidance. I am also brand new to all this forum stuff so go easy on me.

Mitch

I keep houses in my personal  name, commercial assets only in LLCs. 

Insurance cos provide us with $300,000-$500,000 in liability insurance for only 10s of dollars per month for a reason. 

Pretty much never put real estate in a Corp.  Double taxation among other things. See what your CPA recommends. If they say a Corp, you'll know to keep looking.