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Updated about 6 years ago on . Most recent reply

Trent Roberts's profile image
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Trent Roberts
  • Member since Oct 10, 2018
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Starting Out

Starting an LLC for rental properties

Trent Roberts
Posted

We are planning to invest in our first rental property in a couple months and I would like some advice about LLCs. Do we need an LLC for rental properties? Do we buy properties through an LLC? Do we open an LLC after purchasing our first property? Any advice would be appreciated.

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Terrell Garren's profile image
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Terrell Garren
  • Rental Property Investor
  • from Concord, NC
  • Member since Dec 29, 2016
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Terrell Garren's profile image
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Terrell Garren
  • Rental Property Investor
  • from Concord, NC
  • Member since Dec 29, 2016
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Terrell Garren
  • Rental Property Investor
  • Concord, NC
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Terrell Garren
  • Rental Property Investor
  • Concord, NC
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My personal rule of thumb - If your net wealth is less than $1M, just use an umbrella policy for asset protection. Once your net wealth exceeds $1M, use an umbrella policy and LLC.

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