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Updated over 2 years ago on .
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New investor: LLC and Lawyer Question
I've purchased my first investment home, which is currently under my name. I would like to transfer it into a LLC, which I've been recommended to do by several. What's the process?
I also hear advice on keeping a lawyer. How exactly am I doing that? Paying one for retainer? Or just having a real estate lawyer, that when I need can do legal work and pay for what ever is needed?
New guy advice. Much appreciated.
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#5 General Landlording & Rental Properties Contributor
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#5 General Landlording & Rental Properties Contributor
1st investment property? Forget the LLC and especially the attorney. Insure the investment property and carry an umbrella policy for extra protection. Much easier, no paperwork, or expenses, and you'll sleep better. If this is a rental, the best thing you can do is very strict screening and know the landlord/tenant laws of your state, then a very strong lease with a hundred particular requirements the tenant must obey. Ask memembers here for advice about what to include in your lease. This will keep you out of trouble. Good luck!