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WHEN & WHY to start LLC?
A little background: We are in WA.
We have heard about people in the tents gam starting LLCs. And we are wondering if we should start a LLC and why...
So we bought our first house about 4 years ago and lived in it for a year and remodeled the whole thing. We mover across the state and bought another house as our primary residence and started renting out our first home. This year due to rates dropping we refinanced the first house and took cash out. We decided to buy another house with that money and use it as a single family residence rental as well. We started renting it this last November (2020).
Now our next wonder is we have heard of LLCs and other things and wondering if we keep rocking with what we have and are doing or if we need to move to the LLC world.
We are a family of 4, single income. Under $70,000 a year.
We plan to keep moving ahead and continue in our real estate journey and want to start looking ahead if we start an LLC or not. Any advice is appreciated. Thank you!