About to buy first STR property and need help!

[Reagan C.]

Hello!

I found a great deal on my first investment property (besides the home we live in), and I need help with 2 things:

1. Should I first create a LLC to purchase the property to protect my personal assets? I spoke with the lender we used for our home mortgage, and he recommended against it, but I feel it is because he does not offer loans to LLC's and is obviously trying to keep my business. He said it is "nearly impossible" to get a good interest rate by purchasing through an LLC and that it will take an "arm and a leg" to get the deal closed. Thoughts?

2. I want to shop other lenders- should I use a broker to assist? Pros and cons to brokers, please! 

THANK YOU!

[John Underwood]

You do not need an LLC for this one mortgaged property.