Updated over 3 years ago on . Most recent reply
Advice on setting up an LLC
I am new to real estate investing. I have one SFH door currently and am actively looking to add a second soon and in the future hopefully more. I am currently not set up as an LLC, but have received strong advice that I need to/ it would be smart to do so. I recognize there are lots of opinions on this. But let's assume I go that path:
A couple of questions for those that operate as an LLC:
1. Where do you go to get loans? I know the interest rate will be higher, but what about the term lengths? Can I still get a 30 year fixed?
2. Do you set up a separate LLC for each property? Do you have separate bank accounts, credit cards etc for each one? [seems like daunting logistics] Are you able to group any of these things?
3. What other financial requirements will I need to have in place to obtain a loan as an LLC?
I am open to any other advice, things I should be thinking about here. Thank you!