Newbie here - was wondering after I find an investment property should I get a business LLC and buy the investment through the business? I Keep reading about the possibility of the loan being due if you attempt to transfer the mortgage deed from your personal into the business. Any advice would be much appreciated. Thanks!
Most people (me included) feel that purchasing your first couple properties under your own name is easier and cheaper than in an LLC. A good umbrella policy for $1-2M should cover you if anything bad happens.
When you try to get financing as an LLC, first, it will be hard to get a bank to finance a new company. Second, you’ll pay a higher rate with a shorter payoff.
I’d forgo the LLC to start with. After you have a few properties under your belt, then start looking at asset protection.
@Mike McCarthy - appreciate the well-advised information! I never thought about just purchasing an umbrella policy, will definitely look into that as a viable option! Thanks again!
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