Indiana duplex purchase

[Suzi Pawloski]

 I am purchasing a duplex in the next 2 months. Should I form an LLC to protect my personal assets?

[Shawn Holsapple]

Welcome to BP @Suzi Pawloski!

1st - be sure you REALLY want to buy a duplex in the midwest - I have beat that horse to a pile of sludge already in several posts.

2nd - IMHO - you should at least have a LLC created by a competent real estate attorney and don't do it yourself online. A good CPA can only tell you so much about it - don't forget, their job is to be your bean counter and not your legal council.

3rd - Get lots of insurance, both coverage on the asset you buy and an "umbrella" policy to cover anything that the main policy doesn't cover.  Like the attorney, find an insurance broker that does LOTS of investment properties and not just your local Geico agent...

4th - Use the BRRRR stratagy. Buy it, fix it up and refi with a local State Bank or Credit Union to pull out all/most of your investment and then rinse and repeat.

5th - Take action!  Don't let all of this discourage you.  You must keep moving forward, if when you get knocked down and it sucks.

Just my two cents...