Updated over 5 years ago on . Most recent reply
Single Member LLC vs Multi Member
Me and my wife have set up an LLC, and while applying for the EIN I was prompted to switch to a multi member LLC. Being that it's just me and my wife, should this be an option for us or should we run it as a single member? We will be buying properties using BRRRR Method.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Rental Property Investor
- Boulder, CO
@Ashley Wynn I purchase with HML in a single member LLC under my name only (or my husband if it will be his property)> refi to my personal name (or my husband's) > and then warranty deed (not quitclaim... very specifically warranty deed) to my single-member entity (or entities roll to our trust...so then we both have marital rights). Again, talk to a lawyer about the warranty deed part. As I understand it, if you quitclaim you will nullify your title insurance which you do not want to do. Talk to your refi lender whether they will refi out that way. If not, go find a more investor savvy lender cuz they are out there :)