LLC - Set up now with or later?

[Joseph Gisler]

I currently own two properties, neither in an LLC. I know for a hard money loan, I need to have an LLC, is that something I should set up immediately or will it be okay to wait until I have a property in mind? If immediately, do I run my rent through the LLC to create some history in the LLC or is that not necessary? I know this is very generic and can change depending on the lender but I thought I should get a general consensus before asking individual lenders.

[Matthew Rice]

Taylor said it perfectly!

Although it is often not a problem dipping your toe in a few investment properties first and then setting up your LLC (you can always quit claim deed those over to your new LLC name), you might as well get your LLC set up sooner rather than later since having an LLC at some point is inevitable for any investor looking for long term success.

Matt Rice www.newwestern.com/agent/matthew-rice/