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Updated almost 5 years ago on . Most recent reply

User Stats

8
Posts
3
Votes
Joesph Allen
  • Property Manager
  • Hampton, VA
3
Votes |
8
Posts

Can I use an LLC to rent rooms in my personal residence.

Joesph Allen
  • Property Manager
  • Hampton, VA
Posted

So i am looking to form an LLC soon to invest in rental properties. Based on the research I have been doing I have decided to start off buying properties in my name and starting a property management LLC to manage them. I am actively searching for my first deal but am also eager to create the LLC and get some activity going on my business account. So my question is, can I legally rent rooms in my personal residence using the LLC? I am already renting two rooms to family members anyway so what I want to do is create the LLC, draw up lease agreements for them and have that income recorded on my business account. Is this legal and if so does anyone else use this strategy? Would love to hear some insights from anyone with the knowledge and/or experience. Thanks in advance for any info anyone can provide.

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