LLC before you buy your first deal?

[John Fitch]

Here is my plan. Cash out refi my paid off primary residence for 150k & purchase a foreclosure w/pool for 129k(BRRRR) that needs a new roof & probably 5k in other repairs. Zillow has it valued at 234k but I dont think it could get over 200k after all the repairs. Heres my question. Being my first deal should I get an LLC before I refinance and put the 150k in the LLC and than have the LLC purchase the property or should I purchase the house personally and than give it to the LLC? I do not know much about LLCs. Should I get multiple LLCs before I make my first deal? I do plan on managing it myself should I get a separate LLC just for managing?

[Whitney Hutten]

@John Fitch Flipping is different.  I like LLCs for flipping.  For buy and hold:

1. Be a good landlord and fix anything health and safety-related ASAP

2. Get good liability insurance

3. Get great property manager to help you stay on top of things and be compliant in the state and jurisdiction

4. Get a good commercial liability policy

5. Think about how you use leverage to make yourself less of an "equity target"

These are just a few ideas...