Getting financed with an LLC

[Rashidi Brown]

Hello BP, this is my first time posting I'm new to investing and I want to buy and hold properties, my question is, Is it hard to get Finace with an LLC, and should you get an LLC before you actually purchase your first property.

[Michael Swan]

Don't get an LLC for a single family purchase. Put it in your own name. If you are worried about liability, get an umbrella insurance policy, plus regular insurance for the rental property. Make sure the umbrella insurance policy is at least 1 million. That should cost you about $400-$500.00 a year. If someone sues you, they'll for the insurance that has the bigger pockets. No pun intended :-)

Right now I have 46 front doors and soon to be 55-60 front doors. Presently, I have a 2 million umbrella policy rand will be upping that to 4 million soon. That will cost me about $1500-$2000.00 a year. No brainer. I do have an LLC for each apartment complex. That is for other reasons that are too convoluted to discuss here. Single family NO LLC. I see no reason for one.

Have a great turkey day all!!

Swanny