How to buy or put a property in an LLC?

[David Johnston]

Hello! I am excited to learn a lot from you all! I am very new to REI and have a question regarding an LLC. Is it best to open an LLC in Wyoming or in my home state (WI)? Also, how do you buy a property under your LLC or move a property you already own into your LLC? I talked with a lender and they said they would not do a conventional mortgage to an LLC, so I am wondering how it is done with multiple properties. Thank you!

[Greg Scott]

Without writing pages and pages, I will just say this.

For many, an LLC is overkill. Operating your property well and having good insurance covers the vast majority of problems. Also, many LLC gurus would have you build castles in the sky. The problem is if you don't manage your entity structures properly, they are simply illusions of defenses that really provide no protection. To manage an entity structure properly there is a cost, both time and money. The more complex the entity structure, the higher the cost and more opportunity to make mistakes.

Get inputs from key advisors and others in the industry, and then choose wisely.