LLC or Personal Property

[Candice Jensen]

Hello group! I've been managing my family's property (11 units) for 4 years now. After lots of learning, my husband and I are ready to start our own portfolio. I hoping to schedule a meeting with a CPA this week, but thought I'd ask y'all. For those that have multiple properties, do you have LLC's or an umbrella structured or just hold all in your personal name? I'd like us to set things up correctly so we can make our move when we find the best deals. Our goal is to invest in properties long term with hopes of supplementing our current monthly income (15k) with real estate.

[Cathleen Blackmon]

Hey Candice, 

We have all our properties under an umbrella. We also have an llc but lenders don't typically allow mortgage loans to be held by an LLC and we don't see any real tax benefits by holding them in an LLC. We are having a meet up next Friday and a CPA will be sharing some knowledge as it pertains to REI. I'll PM you details.