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Updated over 4 years ago on . Most recent reply

Account Closed's profile image
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Account Closed
  • from Illinois
  • Member since Jun 8, 2020
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Account Closed's profile image
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Account Closed
  • from Illinois
  • Member since Jun 8, 2020
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Account Closed
  • Illinois
7
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25
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Starting Out

First Rental Property- LLC Needed?

Account Closed
  • Illinois
Posted

Hello all!

Looking to purchase first 2-4 unit rental property. Do I need to establish an LLC prior to making the purchase? Any help or expertise on how to get started would be appreciated.

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Lee Ripma's profile image
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Lee Ripma
  • Rental Property Investor
  • from Prairie Village, KS
  • Member since Jul 6, 2015
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Lee Ripma's profile image
Lee Ripma's profile image
Lee Ripma
  • Rental Property Investor
  • from Prairie Village, KS
  • Member since Jul 6, 2015
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Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
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Lee Ripma
  • Rental Property Investor
  • Prairie Village, KS
Replied

@Dimitra Zougras

Congratulations-you have asked the most common question asked on BP! Get your own legal advice but NO, you don't need an LLC to get started. You will likely want to Use a residential loan to buy, that's why you are saying 2-4 units. That will have to be closed in your personal name. A RES lender will not allow you to take title in an LLC. Google what an LLC is for and what it is not for. Only Commerical lenders allow you take title in an LLC.

  • Lee Ripma
  • Podcast Guest on Show #373
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