LLC's on Every Rental Property?
Hi everyone,
I've been trying to get into real estate for the past few years through my mom who owns some rental properties. I have seen her struggle managing these properties over the past years. That's when I realized I enjoyed this after helping her clean and work on the properties. It wasn't until this year that I through myself within her side hustle to show her what it could be for a full business. I started working on raising the under-market rent and switching to RentiRedi for easy tracking of the money.
As I'm trying to do this it seems she has almost all her properties in all separate LLCs. When I worked at a small real estate firm over the summer they had a few properties that were roughly 10 million dollars in one LLC. My point is, is it necessary for a way smaller portfolio to have 5 plus LLCs? I argue this because makes it a pain to transfer money for lacking proprieties. As well it cost her money from her cash flow. I completely understand why she does this as it's keeping every property safe from each other. Anyway, I am grateful for what she has done and glad she tries to keep these properties safe. Let me know what you think, I could be completely wrong to think this; I am still learning.
Also as a 19-year-old, I am looking for a mentor to help me as I am looking to buy my first rental property soon. Any advice on what I could do or go to try to make that connection would be helpful. Would love the input and advice for me and my mother as well. Thanks.