Put Investment Home Under Our LLC?

[Sammie Baker]

My wife and I are closing on our first investment property in 2 weeks. We used a bank statement loan given that we are both self employed. We plan to use this property as a STR but it's currently under our personal name. How important is it to put the property under our LLC? We will be using the business to pay for all expenses (mortgage etc) as well as collecting all revenue in our business bank account. Does this really matter? Thanks in advance!

[Javier Santana]

Pretty important if you are using for STR. Think about all the potential hazards that someone can sue for damages, then multiply that by 2 for all the unforeseen risk hazards. You don't want a attorney coming after you personally. Risk management! Let the LLC be on the front line.

Then of course you get real estate tax advantages.