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Updated over 5 years ago on . Most recent reply

Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from Yuma, AZ
  • Member since Jun 14, 2019
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Rental Property Investor
  • from Yuma, AZ
  • Member since Jun 14, 2019
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Account Closed
  • Rental Property Investor
  • Yuma, AZ
45
Votes |
637
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Starting Out

Should I get a property without an LLC

Account Closed
  • Rental Property Investor
  • Yuma, AZ
Posted

Im a newbie, should I do my first deal without an LLC? It will be a seller financing deal. Can I set up an LLC after I sign contracts with the seller? Or I have to get an LLC first, then I sign the contracts?

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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
Terrell Garren's profile image
Terrell Garren
  • Rental Property Investor
  • from Concord, NC
  • Member since Dec 29, 2016
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Terrell Garren
  • Rental Property Investor
  • Concord, NC
3,063
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1,240
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Terrell Garren
  • Rental Property Investor
  • Concord, NC
Replied

An LLC is primarily an asset protection device. My personal rule of thumb -

If Personal wealth + investment wealth < $1M then $2M umbrella policy

If Personal wealth + investment wealth > $1M then $2M umbrella policy and LLC

Best,

Terrell

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