Do I need an LLC when househacking?

[Cassie Corbett]

I just put an offer on my first multifamily property in Atlanta! It's a triplex and I plan to live in one of the units. I have been researching multifamily for a few years and planned to create a LLC. I have asked two mortgage brokers and they want me to close in my name then transfer it to the LLC. I think that will end up costing me more, right? Also if I have the LLC will I not be able to get a homestead exemption even though it's my primary residence?

[Nicole A.]

You're honestly better off owning your primary residence in your own name. You get the homestead, lower interest rate, lower downpayment requirement, lower overall costs than having a LLC for this. It's overkill.

You don't even *need* a LLC for full-time rental properties. That is your *personal* choice and there's ways to protect yourself when properties are owned in your own name (such as insurance, doing things by the book, and well when you don't have much equity there isn't much to sue you for anyway).