Should I have 2 Properties (flips) under 1 LLC
Hey guys,
Quick question. I wonder if anyone has some input on this. I'm looking at 2 rehab properties in north jersey. I discussed it with my hard money lender and he suggested I have both properties under 1 LLC. The real advantage I believe will be that I will be saving some closing cost etc. When I mentioned it my attorney he cautioned me that I (or rather my attorney) will have to put in a clause about what happens when I sell 1 property before the other... Some legal stuff which I'm glad I have a good attorney to make sureits all done right. On the other hand the benefit of having it in individual LLCs is probably for accounting purposes.
If anyone has any advice on this I would greatly appreciate it.