Updated almost 2 years ago on . Most recent reply
Anyone here hold apartment building in personal name?
Hi everyone. It's looking like 2018 is the year I pull the trigger on purchasing a multifamily. I understand the the pros and cons of holding a property in an LLC - better asset protection should there be a lawsuit but also can be more difficult to get financing.
I'm just wondering if there is anyone here who is on the other side of things and have held your apartment building in your name? It would be interesting to hear your perspective and experience. Thanks for your input!
Most Popular Reply
One extra step to add to all of the good comments above @Doug Webb, make sure you have 1 additional person in your LLC. If it's just you that owns the LLC, it's considered a Disregarded Entity which means you virtually have no Asset Protection and it's just like you own the property in your own name. Find someone else you can add to the ownership structure and give them a small piece of your deal. Maybe trade with another fellow investor and have them give you a small piece of one of their deals?