New Maryland investor
Hello BP world!!! Six or so months ago I decided I needed to find an alternate, non w-2 source of income that can supplement my current source so I can leave my job (eventually), and all those other reasons we invest in real estate. I've been around buildings my whole life and always interested in real estate but oddly enough never really saw it as a way for me to make money. Without knowing the term, I started house hacking my condo a year ago and things have been working really well. My wife and I decided investing in real estate may be a good way to go.
I found the BP community through a MF developer who told me to immerse myself in the BP world, so I've started. The information the podcasts, books, forums, and comments provide are simply awesome! There's so much it makes my head spin sometimes.
One thing I haven't seen much about, and maybe I'm just missing it is, how we should hold these assets. My plan is to hold long term rentals. My attorney recommends each unit be its own separate LLC to protect each unit and myself individually. If I house hack, the unit is likely in my own name, not an LLC (though I guess maybe it could be? just less favorable lending terms maybe).
I would love to hear about peoples recommendations and experiences, trials and tribulations to help guide and inform by development as I build up my empire.
Thank you for your contributions! and looking forward to being a contributing member as I move through my journey.