Real Estate Agent · Staten Island, NY · Member since 2015 · 64 posts · 21 votes
I am in contract to purchase an small investment property in Staten Island NY, I want to hear some thoughts on setting up the LLC before or afterwards ...
I like to say thank you in advance, for your time and response ....
How you plan on financing your properties will be a factor. If you are looking at conventional loans, then I don't think your property will be allowed to be owned by the LLC. You will need to look into business loans to do that. If you are unsure at the moment on what to do and are worried about liability, get an umbrella policy. They are affordable and provide a million dollars of personal liability insurance.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
8y
If the deed is going to be in a LLC, the LLC needs to be on the purchase contract as the buyer and set up before closing. Unless you purchase and finance the property in your name, then transfer it into the LLC, then it doesn't matter.