Looking to invest in rental properties!!!
Hello everyone my name is Brian. I have been reading a lot of books and listening to Ken McElroy on YouTube. I want to start my business the right way and was looking for the right steps that I should take.
Should I create aN LLC and then buy properties through my LLC? Also has anyone had any good experiences with buying a condo and renting it out?
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- Real Estate Broker
- Cody, WY
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The LLC provides an additional layer of protection and (if done right) privacy. Neither is necessary, particularly for a beginner. I had over 30 rentals before I set up my first LLC. I know a few owners that have over 50 rentals in their personal name.
Getting sued is rare.
Losing is even more rare.
Losing more than your insurance will cover is less likely than being struck by lighting.
The best way to protect yourself is to:
- Know the law
- Obey the law
- Treat tenants honestly and fairly
If you don't get those three straight, having an LLC isn't going to help you much.
- Nathan Gesner
