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Updated about 6 years ago on . Most recent reply

Mariah K Earle's profile image
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Mariah K Earle
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General Landlording & Rental Properties

Using an LLC when purchasing an investment property?

Mariah K Earle
Posted

I am about to pull the trigger on buying my first investment property & have a question... 

- Is it a worthwhile idea to open an LLC before purchasing an investment property & using that for the purchase? To take liability and personal risk away... This has been mentioned to me in the past not sure how necessary this is?

Any input/experience appreciated. 

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Mike S.
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Mike S.
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Mike S.
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The basic setup of an LLC varies between states but it is in the $100-$300 range usually. You can file yourself.

The drafting of the operating agreement by a lawyer can cost you between $500 and $2000.

These are averages and your result may vary...

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