First time home buyer wanting to do it through a LLC to rent out!!!
Member since 2024 · 4 posts · 0 votes
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
Are you saying that you have an existing LLC for your other business, and want to put a new property in that LLC as well? Is your other business a Real Estate venture also? Most people are of the opinion that you do not need an LLC for a few properties.....
I do not have the LLC yet for my small buisiness, and it is a clothing line. My small buisiness is not real estate related at all. I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC. Hope that helps some more.
You do not want to mix the entities that are in an LLC. Some people even put different properties in their own separate LLCs. And the supposed protection that you get from an LLC is largely a myth, anyway.
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
I have not done this yet myself, but we DID make a separate LLC from our other biz (nothing to do with real estate) in order to invest in future as we look for off market homes. Because of the protections an LLC offers in this space, I'd simply say my non-expert opinion would be to spend a little extra to make a separate LLC for this new home, for the legal protections & to make your taxes less of a headache for you. I"m sure there are others that will chime in that have more experience. Good luck to you!
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
Are you saying that you have an existing LLC for your other business, and want to put a new property in that LLC as well? Is your other business a Real Estate venture also? Most people are of the opinion that you do not need an LLC for a few properties.....
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
Are you saying that you have an existing LLC for your other business, and want to put a new property in that LLC as well? Is your other business a Real Estate venture also? Most people are of the opinion that you do not need an LLC for a few properties.....
I do not have the LLC yet for my small buisiness, and it is a clothing line. My small buisiness is not real estate related at all. I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC. Hope that helps some more.
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
Are you saying that you have an existing LLC for your other business, and want to put a new property in that LLC as well? Is your other business a Real Estate venture also? Most people are of the opinion that you do not need an LLC for a few properties.....
I do not have the LLC yet for my small buisiness, and it is a clothing line. My small buisiness is not real estate related at all. I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC. Hope that helps some more.
You do not want to mix the entities that are in an LLC. Some people even put different properties in their own separate LLCs. And the supposed protection that you get from an LLC is largely a myth, anyway.
Right! gotcha gotcha. Would you say the best thing right now would to do a FHA loan, live in it for a year and then set up my LLC and out and out it up for rent and then from there continue to do it through the LLC?
Right! gotcha gotcha. Would you say the best thing right now would to do a FHA loan, live in it for a year and then set up my LLC and out and out it up for rent and then from there continue to do it through the LLC?
Don't bother with an LLC at all is my advice. They don't really provide any tax benefits and their veil is easily pierced by a good lawyer....Just have plenty of good insurance.
I want my first proterty to be a investment property to rent out, And I want to do it through a LLC with the small business I own. I am aware there are business loans and what not but how can I use it for real estate? I am also aware of using business credit cards and liquidating them, however is that a good route? Im hoping someone can help me with more information on this specifc topic, Thank you so much! :)
I have not done this yet myself, but we DID make a separate LLC from our other biz (nothing to do with real estate) in order to invest in future as we look for off market homes. Because of the protections an LLC offers in this space, I'd simply say my non-expert opinion would be to spend a little extra to make a separate LLC for this new home, for the legal protections & to make your taxes less of a headache for you. I"m sure there are others that will chime in that have more experience. Good luck to you!
thank you so much for sharing your experience!