3 Multifamily and one LLC

[Sandeep Jain]

Hi friends, 

I have one property under LLC and other two in my personal name in Montclair NJ.

To make accounting easy should I start using my LLC to manage other two properties also and have one back account for all three of them or keep it separate.

Any advantage or disadvantage of keeping it separate. 

Any suggestions will be helpful. 

Thanks

Sunny

[Gino Barbaro]

@Sandeep Jain

Hi Sandeep,

I would consult an asset protection attorney. The answer you should get is It Depends.

Depends on what your outcome is, how much equity you have in each asset. Keeping them separate is for better bookkeeping, managing the numbers, and when you sell or refinance.

The disadvantage is that it will cost you more to have separate LLCs, and it may be more of your time to track.

But if the goal is to buy more properties, build the foundation correctly. I can intro you to an asset protection attorney

Gino