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Updated about 5 years ago,
Should I get LLC for my first property?
Greetings.
I'm new to real estate with a question regarding LLC. Currently, I'm getting ready to buy my first property wondering if I should get an LLC. What I was told is you don't need one until you generate some serious wealth. Additionally, I will have to appoint a lawyer to handle anything legal, even evicting a tenant. The extra legal fees toward something I'd learn to handle myself doesn't sound attractive.
This advice was given to me by my neighbor who has over 10 properties. They stressed the annoyance in extra legal work for both time and money.
What do you think I should do?