start LLC for first rental? Transfer of $$ to llc?

1 Reply

I have a few ?s regarding business entities and purchasing properties in the business name.

1. What type of business entity should I start for rentals ? Im guessing llc ? and why? 

2. How do I get a conventional 30 year loan or something similar from bank into business name to protect personal assets? 

3. I have 75k in personal savings account that I want to use to invest with, what is the best way to give that to new company without many headaches or what are some concerns when transferring the money ?

Originally posted by @Jesse Spaur :

I have a few ?s regarding business entities and purchasing properties in the business name.

1. What type of business entity should I start for rentals ? Im guessing llc ? and why? 

2. How do I get a conventional 30 year loan or something similar from bank into business name to protect personal assets? 

3. I have 75k in personal savings account that I want to use to invest with, what is the best way to give that to new company without many headaches or what are some concerns when transferring the money ?

 Hi, Jesse.

I only can answer 1 of the 3 you asked. I'm currently have Umbrella Policy which helps to protect personal assests and the protection could be up to $5 million. Any insurance companies out there do have this to offer as long you have car insurance with them.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here