When Do I Set Up a Single Asset LLC?

[Joseph Gisler]

I guess I am still confused on the proper time to set up an LLC to protect a rental property. Do I set up an LLC now even though I do not have a property under contract? Or do I wait until I offer on a property, get it under contract, then set up the LLC for that property?

I have had investors tell me to set it up now and others say wait since they are easy and quick to set up. If I wait, what name do I put on the offer to purchase contract? I am getting close to making a few different off market deals work and I just want to make sure I do the LLC thing correctly as my last two properties I bought in my name.

Thank you for any advice you can give!

[Matt M.]

I don't know why everyone is so eager to set up LLC's. It's really unnecessary. Get high limits on your landlord policies and an umbrella policy.