First rental SFR - Thanks to BP community

[Rahul Raj]

Hi All,

I live in bay area(SF) and secured my first out-of-state SFR rental property a couple of months ago and in the contract for another out-of-state property.

Got really lucky in this crazy market. This would have not been possible without the BP resources & podcasts. Thanks!

Seeking some input from this group if I should set up any legal structure now or wait until I have acquired more properties.

Your input is greatly appreaciated.

[Kim Meredith Hampton]

@Rahul Raj A lot of that depends on how you are financing the properties, and what your goals are on the other side. If i'm purchasing a single family, I buy in my personal name in conventional financing, then transfer to my LLC, then eventually into my family trust. If i'm buying a multi family, i buy under an LLC for the particular property, and use the name of the street address in the LLC, keeps me organized especially if you own several assets