Buying condo in cash in Dumbo. Will live in it for a few months then rent it out. Any thoughts on if I should convert ownership of condo into an llc or keep it under my personal name once I start renting it?
Also, new to nyc and looking to network with like minded young real estate folks ❤️🤙🏻
I think most would say the logic/safe move is to setup the llc, but if you're only renting out a single place will it realistically ever matter? Probably not. Certainly doesn't hurt, but Id focus instead on getting a solid insurance/umbrella policy to protect yourself.
Good luck with the purchase!
The veil of an LLC can be pieced pretty easily and so like @Bryan Danger mentioned it's more important to have very good umbrella coverage.
Curious why you'd go through the trouble of moving in only for a few months and then rent it out? Tip for you: take photos of the unit empty before you move in so you can use those when you advertise it for rent.
@Jason Lee moving into it for a few months as I’m SOCAL based but need to spend a few months out here for business. :)