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All Forum Posts by: Jimmy Miguel

Jimmy Miguel has started 1 posts and replied 2 times.

General Landlording & Rental Properties

Post: First Time Landlord ... Should I get an LLC?

Jimmy MiguelPosted
  • Posts 2
  • Votes 1

These responses have been above and beyond what I would have envisioned. I have been a huge fan of the podcast for years, but this was my first post, and this community certainly hasn't disappointed.  Thank you all so much for your detailed feedback. Trust I will pay it forward on the platform. 

0 Votes
Newark, New Jersey
General Landlording & Rental Properties

Post: First Time Landlord ... Should I get an LLC?

Jimmy MiguelPosted
  • Posts 2
  • Votes 1

Hi BP Family! My partner and I have done three flips int he past, but this is our first buy & hold. Would love to get some advice regarding LLC's.

My Partner and I recently bought a property in South Plainfield, New Jersey. 

The mortgage currently is in both of our names, so would the LLC protect us even if the mortgage is in both of our names? Could we keep the Mortgage in our name, but just get an umbrella policy under the LLC's name?

Essentially, should something happen at the house, we want to be sure that the tenants can't go after my partner and I personally.

Graciously,

Jimmy Miguel

1 Vote
Newark, New Jersey