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Updated almost 6 years ago on . Most recent reply

Martin Miranda's profile image
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Martin Miranda
  • Member since Dec 2, 2018

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Martin Miranda's profile image
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Martin Miranda
  • Member since Dec 2, 2018
Martin Miranda
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New Member Introductions

Is an LLC necessary?

Martin Miranda
Posted

Hello my BP family.

I'm close to purchasing my first investment property. Should I get an LLC. If yes, any recommendations for a RE lawyer in the Raleigh, NC area?

Thanks much...

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Lee Ripma's profile image
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Lee Ripma
  • Rental Property Investor
  • from Prairie Village, KS
  • Member since Jul 6, 2015

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Lee Ripma's profile image
Lee Ripma's profile image
Lee Ripma
  • Rental Property Investor
  • from Prairie Village, KS
  • Member since Jul 6, 2015
Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
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Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
Replied

@Martin Miranda

Is this property residential? Are you getting a 30 year fixed loan on it? If so you can't take title in the LLC. So you'd have to switch it over after. People really overstate the importance of LLCs when you're getting started. Just get started. If you want to put in LLC after go for it.

  • Lee Ripma
  • Podcast Guest on Show #373
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