Looking to purchase my 1st investment through an LLC?
I'm a rookie investor looking to purchase my 1st investment property. My realtor suggested to create an LLC and purchase the property so that you are not personally liable for any potential lawsuits. I did some internet research and had a few questions:
1) Do you suggest creating an LLC on your own or get legal advice. This would be for the state of NJ. If legal, any recommendations?
2) How difficult is it REALLY to get a mortgage through an LLC? A lot of things I've been reading seems like a mix review. Some of the things I read have said it's absolutely possible, but it comes with a cost - higher interest rates, etc. The other things I've read offered an alternative with buying the property under your name and then transferring it the LLC (but realize your mortgage provider may not allow this without fully pre-paying)
Thanks in advance!