LLC versus no LLC, Mortgages with LLCs, etc.

[Chris Lucas]

Hi, everyone!

First post alert!

I am looking to do my first two deals simultaneously (one 4-plex, one duplex, same town) and would like some advice on a few items. Ultimately, I will be talking with a CPA to discuss strategy but just wanted some general feel on my path forward before I get consulted.

• My wife and I are preapproved for the amount of both properties, but I am thinking about starting an LLC, or some legal entity, to shield my home/W2 income/savings/etc. Is it simple enough to buy the property under my name and then transfer the property to a legal entity like an LLC?
• Speaking of LLC, it seems that the biggest issue with forming an LLC is the up-front work to do so and the separation of the financials? Am I missing a big downside here? My wife and I make good money and have significant (for the average 30-something) assets, so I am thinking this is a no-brainer, but perhaps I am missing something?
• And, I am going to plead ignorance on this one, but if I do create an LLC, does the financing of future deals rely on the credit of the LLC, or of the owner(s)?

Really appreciate the help! I have been a big fan of the podcast, the books, and the forums for a long time and finally decided to take the plunge.

Thanks!

Chris Lucas