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Updated about 5 years ago on . Most recent reply

Justin Carter's profile image
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Justin Carter
  • Rental Property Investor
  • from Chicago, IL
  • Member since Sep 26, 2019
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Justin Carter's profile image
Justin Carter's profile image
Justin Carter
  • Rental Property Investor
  • from Chicago, IL
  • Member since Sep 26, 2019
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Justin Carter
  • Rental Property Investor
  • Chicago, IL
22
Votes |
31
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Tax, SDIRAs & Cost Segregation

Creating an LLC for 1st property

Justin Carter
  • Rental Property Investor
  • Chicago, IL
Posted

I'm closing on my first property in a few weeks and I plan to house hack. Is it worth creating an LLC? And if so, has anyone used LegalZoom?

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Jake Hottenrott's profile image
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Jake Hottenrott
  • CPA
  • from Belleville, IL
  • Member since Jan 10, 2014
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Jake Hottenrott's profile image
Jake Hottenrott
  • CPA
  • from Belleville, IL
  • Member since Jan 10, 2014
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Jake Hottenrott
  • CPA
  • Belleville, IL
269
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Jake Hottenrott
  • CPA
  • Belleville, IL
Replied

@Justin Carter - Congrats on starting your real estate journey!  If your first property is your primary home as well, let us know, @Eamonn McElroy is right that it's not advisable for that to be in an LLC.

BUT! If it's your first true investment property, I'd recommend against starting with an LLC. I wrote a BP blog post a while back and it breaks down why you might not want to start with an LLC.


https://www.biggerpockets.com/member-blogs/5926/53215-questions-as-common-as-the-cold---llc

  • Jake Hottenrott
    • 1 Vote
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