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Updated over 6 years ago on . Most recent reply

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15
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Jerome Joseph Gainer Jr
  • Investor
  • Helotes, TX
0
Votes |
15
Posts

Should I put my rental properties under an LLC?

Jerome Joseph Gainer Jr
  • Investor
  • Helotes, TX
Posted

I own a property in Miami Beach that I rent out short term and a property in Austin that I rent out long term both with mortgages.  In addition to those, I manage my Mother in Laws long term rental in San Antonio which she owns outright and will likely transfer to my name.  Finally, I am looking to purchase a property in Lake Tahoe to rent out short term when we aren't using it.  

I was told by Quicken loans that they will not finance a property with an LLC as the owner, that it must be personally owned.

My questions are these:  

Are there tax benefits to putting all these properties under an LLC? Together, they would probably net no more than $20000 per year after all expenses.

Do I need the LLC to actually own the properties or can I just report all income and expenses through the LLC?

Is anyone doing something like this and if so, what are the benefits to you?

Thanks,

Jerome

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