LLC, Inc, or Personal

[Miguel F. Mena]

Hello,

I recently purchased a rental property (my 1st) about 3 months ago. I was able to rent it out immediately within 1 week after the purchase. I paid for it in cash and will be doing a refinance of the property to recoup my money used to purchase the property. The property is currently in my name. I'm am interested in purchasing another property but before doing so I would like to know if I should have the property put under an LLC or Inc. or keep it under my name and continued. The property is properly insured to protect myself however moving forward I wanted to know what would be better in order to obtain the refinance and moving forward with additional properties, keeping it under my name or under a business entity.

Thanks!

Tito Mena

[Larry Turowski]

@Miguel F. Mena Advice is on both sides. I've heard investors, including attorneys say that as long as you have enough insurance, you are fine--especially at your level. I have an LLC but if I had to do it all over I might have done it differently. One thing you might want to consider is getting refinanced. With an LLC you will need a portfolio lender. If it is in your name borrowing will be a bit easier.