First Property Under Contract

[Justin Dixon]

My wife and I are starting out in real estate investment and I've been reading books and the BP forums and there are a lot of differing opinions around LLC or no LLC. I wanted to get some advice on having an LLC hold properties and that LLC being owned by a holding LLC based in Wyoming or Nevada? reading Garrett Sutton's book, he recommends this structure.

I'm curious if there are other BP folks that have this structure and what they think about it.

Thank you,

Justin

[Justin Dixon]

@Troy S.

Thank you for the feedback. My wife and I just had an offer accepted, which we are running through our own name because the banks I talked to wouldn't let me create a new LLC and buy the property through that company. They said that the LLC needed 2 years of tax returns, and I'd still have to sign a personal guarantee.

Regarding buying property with investors/partners, how do you construct deals? Do you create a separate entity for each deal, are you both on the mortgage?

I have a few friends/family that are interested but just want to make sure I structure it correctly.

Thank you,

Justin