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Updated almost 5 years ago,

User Stats

19
Posts
4
Votes
John Fitch
  • Texas
4
Votes |
19
Posts

LLC before you buy your first deal?

John Fitch
  • Texas
Posted

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?

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