Should you buy properties in an LLC? Wanting to buy two 1-bedrooms to rent out.

likesmart
Posting as :
works at
You are currently posting as works at

Yes always, ideally each property is a different llc

like

I need some assistance on how to do this

Depends on the state and the LLC laws.

Many people operate without an LLC and just use an umbrella policy

like

I haven’t attempted it. I just got umbrella insurance.

Mortgage companies don’t chase after to see who is renting but switching to an LLC is a more formal transaction that they’d have knowledge of.

I have 3 properties and opted for an umbrella policy instead. IMO it’s more efficient getting an umbrella policy vs. setting up separate llc’s and maintaining it.

like

What do you reckon is the risk that you're sued for more than what the policy can cover?

like

What is umbrella policy? Just getting started on this journey.

The umbrella policy is really just for legal liabilities. My policies on the houses already cover me for replacement value of the homes in case the homes are destroyed. My umbrella covers me for an additional $1m. For 2 properties I considered that sufficient. If I were to get another 1 or 2 properties I’d probably go up to $2m.

likehelpful

i believe the LLC agreement needs some attorney's help, especially with multiple partners. but setting up an LLC entity is super easy. You can have a registered agent do it for you, or you go on state SSC website to do it yourself.

*state SCC website

Related Posts

Will be booking some flight tickets and doing some heavy shopping in the next couple of months. Which credit card should I get?

like

Getting my first credit card but my credit score is around 650... what would be best for me? I keep getting rejected. Does it matter who I get a card with?

likehelpful

If I invest in Eth today, would it be smart? Or should I wait till it cools down?

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later. Also, any regrets?

like

What would you do?: trying to maximize points. Have CSR, Amex Gold, Chase freedom unlimited. Will be receiving CORP Amex from new firm. Background:

I’m in Dallas and have been renting for 5 years. I don’t have any savings, but have about 30k in my 401k. Im thinking about leveraging that to buy a condo/or house. Is that a good idea or am I in over my head? I mostly want to, because I’m tired of renting and I’ve read reports that prices will only continue to go up. Although, I will have to pay back the 401k + pay rent, so maybe not a good idea. Advice/resources would be helpful.

like

Guy slid into my DM’s asking to be my sugar daddy. But he wants my PayPal info to send me money. Is PayPal a safe way? Also lol what is my life 🤦🏼‍♀️

funnylike

For couples who are not married yet - Do you guys talk about net worth, income, or anything even finance related? I know my SO earns more given his current industry, but thinks it’s rude to talk about those things. But I’m wondering… isn’t it normal for couples who live together or are married share those info? For example - How am I going to know what to pay for our child’s education in the future etc?

likefunny

How does the pre-tax parking benefit work at kpmg? There isn't much detail on ssc or benefits connection but it seems like it is on the honor system vs a separate account like FSA?

When you ask your partner to change the wording of the audit opinion to "deez financial statements is Gucci"

like

When a company reports bitcoin securities in their SEC filings, do the bitcoin securities get reported with the regular currency interest or is it a separate filing?

Has anyone dealt with Peachtree Residential before? They build homes primarily in Atlanta and Charlotte.

like

Alright this bowl has convinced me I need to buy a Rolex. Where do I begin? I know my brother got a Batman GMT after about a year at a jeweler he never purchased from a few years ago, but was he just lucky? Do I need a relationship with an AD in today’s market for a Sub or GMT? Based in Seattle but would prefer to buy in Oregon to avoid taxes

like

If you could right now, would you buy a house in full cash or invest in the market?

like

I am considering putting down an offer for a TH in a community that has Mello Roos. It gets added to the property tax. I am looking at paying an additional 5-6k for that.

Online videos say it’s all good because the money gets invested in building the community .

any potential downsides? In terms of future sales and demand ? What am I missing?

like

Hii sharks 🦈🦈🦈🦈

Can anyone of you please help in calculating how much will be my income tax per month(I am availing the Old tax regime)? Different IT calculators show different figures, not sure which is correct :(

And as for the interest amount in the Savings Account and Fixed Deposits, do both fall under "Income from Interest"? Or under "Other Income"? Or does Interest amount in Savings account fall under "Interest from Deposits - 80TTA"?

The figures are given in the screenshot 👇🏻

Post Photo
like

Curious: What percent of your income do you give to charity?? 💰💸💰💸

like

Can anyone tell me where I can declare a home loan in the Payroll portal?

I am a little confused...

like

More Posts

Can anybody share the career ladder / designation hierarchy in Mastercard?

like

Hello,

LTI or Mindtree ?
Offering same package.

I heard about the merger, will there be any impact ?

YOE:7
Tech : Data Analytics

like

Are there FP&A roles in PE firms?

like

Does anyone know of recruiting firms with a focus on Anti-money laundering? I’m foreign educated and newly admitted NY attorney with CAMS certification but living in Miami lol. I’m here, because my husband practices in SoFlo. Any recommendations? I don’t have any experience but have CAMS.

like

I sat down to check my email before I showered this morning, had an “urgent please handle ASAP” message waiting for me, and guess what I still haven’t done today??

likefunnyhelpful

Can M7 schools change? Ex, can Columbia or Kellogg be replaced by, say, Yale or Darden?

like

In person panel event - how Brands and Creators Win Together on TikTok. Let’s get together! DM @linkagency.official on IG if you would like to join

Post Photo
likefunny

How is Austrian Air and Air Canada? Solid airlines for economy seats?

like

I am not getting any response on my posts..I'm feeling depressed due to my bad luck. I have only 1 month noticeperiod left & had only 1 offer in hand with 40CTC. Right now my current salary is too low which is 27LPA with 14 yrs of exp and working as Data scientist. I am getting very few interview calls. Not able to decide whether to join that 40CTC or need to withdraw my resignation. The problem with current offer is job in another location with 3mnts wfh option.
Please pour your suggestions!!!

likefunnyhelpfulupliftingsmart

Anyone has experience in investing through Angellist?

I have a few black spots like these on my face. How do I get rid of them? TIA!

Post Photo
like

Saw someone asking about high-rise apartments in Mott Haven earlier. Just moved into a new apartment building here and honestly it’s not as bad as I thought. New buildings are safe and pretty spacious (relatively speaking). Downside is not really much to do around this area and food delivery is not great. Hope this is helpful for any one who is looking at this area.

like

The prices on apts right now is crazy - any tips for good finds?? Need to move to NYC in 2 months

like

Bachelor party recommendations in Vegas ?
Group of 5 planning. TIA

like

Anyone wanna generously donate Marriott points for my honeymoon? 😅 🙏

funnylike

Hey Guys, Currently I am having 16.12 lac pa in current organization and 5% Bonus So total comes around 16.93lac pa. Nagarro is asking me to rejoin at 20 lac pa (5% Project bonus included).
When I left Nagarro around 2 years back my fixed there was 11.50. Shall I consider this offer of Nagarro. Reason I want to change the job is because I don't have code based automation in my current organization and I have been an SDET in my whole experience.

like

Ey gds vs ey india.. which is better for career growth?

like

When should you be hitting the available code vs the g&a code?

like

Additional Posts in The Real Estate Bowl

Can anyone recommend a solid lender in Westchester County single family homes? Low rates, good service, easy to deal with.

likefunny

I am looking into buying a multi unit (dullex,triplex,quad) in Chicago ideally in Lakeview East/West, Lincoln Park, Wicker Park, Logan Square, Bucktown areas.

This will be my first property and planning on living in one of the units. Downpayment will come from what I have in stock market but wondering if anyone has any models to how to analyze if it would be a good investment property. Would appreciate any help? First in family to get into something like this.

like

Planning on buying a house with MIL. She would lend us half the price of home interest free in return for being able to live in it rent free. We’d have 100% ownership. Repayment only required if we sell the home.

She would maintain the place 100%. We would cover races and insurance.
Relationship aside, does it sound like a fair deal?

Looking to buy in the DMV suburbs (northern VA). Is this the wrong time for such a move? Beyond down payment, got about 6mo emergency fund and must tap into it for moving&house expenses like furniture

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

In process of buying a house, both my surveyor and specialist damp contractor found damp under kitchen tiles (In the grout) & in skirting boards and up one wall. Sellers had work done initially in 2014 on the wall only(with garuntee) & their company has visited and assured there is no damp… what is next best course of action, get another damp specialist to examine independently of other reports? I don’t trust them….. (U.K. Victorian terrace, damp is in the kitchen extension built circa. 15 y/o)

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like

Looking for an NJ store selling hardwood flooring that has a decent selection and not too lengthy delivery times.
Everyone seems to have a 4 week wait for hardwood. Any help is appreciated.

like

For anyone that has bought a townhome from Lennar, are the walls fairly well insulated for sound?

What, if any, were your main complaints?

like

Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like

Thoughts on buying pre-construction homes in markets that are popping and flipping selling them when construction is complete?

My uncle does this (he’s a realtor) and usually gets 2-3x return. Obviously there is huge risk because property prices can change a lot in 1-2 years, but at the same time the upside is hard to ignore.

Anyway I protect myself against the downside risk? (other than loosing my down payment)

like

How can I invest in real estate ? Looking for an additional passive income source

like

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

Any one knows what’s the easiest way to order a radon test for new construction?

like

Does buyer have to share appraisal with seller? Can seller request it?

like

Looking for 2bd or 3bd with garage rent of $2,000-$2,200 ready to move in after July in the Orlando,FL area if anyone has any info. Please let me know! Thank you!

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal