Updated over 3 years ago on . Most recent reply
Newbie! Do I get an LLC?
I am in the process of house hacking. My husband and I have purchased a metal building that we are turning into a barnuminum. We are in the process of getting pre-qualified for a second loan to purchase our first rental investment. However, I am wondering should we start an LLC first and buy the property with the LLC?
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- Real Estate Agent
- Buffalo, NY
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@Kristine E. Berry if you start an LLC you will most likely need to take a commercial loan
Most investors start by taking as many residential loans as possible. Once you have reached your limit you can start using commercial loans in an LLC.
The LLC is a legal entity that offers another layer of protection in some cases. If you are just starting to build a portfolio getting residential loans and locked in interest rates is the best way to start.
- Matthew Irish-Jones
