Hello fellow BP members! I am 24 and I came across this awesome Forum and I had no connections into any real estate so I decided to go into becoming an agent myself this year and I want to start investing as well but I am contracted with a big broker in Michigan as a independent contractor. My question is do I create 2 separate LLC'S to protect myself or just 1 for investing? Any help would be a appreciated! Best Regards, Peter Y.

I suggest sitting down with your accountant to find the best solution.  This way you can tell they your long term business goals, so that way you can structure it right from the very beginning.

Hi @Peter Yun ,

If you read through all the information on BP, you will see A LOT of discussion and debate about how to structure your investing business. My takeaway:

If you plan on utilizing residential loans to grow your portfolio, I would wait on forming an LLC. Just make sure you have significant liability insurance on your properties.

If you plan on using private money or hard money and don't need residential loans, then form the LLC now. It will better protect you and make the financial aspect much cleaner.

Just my two-cents, I still recommend reading more about it on BP. Best of luck!