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Updated over 8 years ago, 07/06/2016
Individual owner vs LLC vs Corporation
Hi BP Carebears!
My girlfriend and I are looking into buying the first of many income properties. We'll be taking it slow to start by doing the House Hack technique, but we would like to eventually build a nice portfolio of passive income. We want to start things off correctly though. Like many of you, we read Rich Dad and were very inspired. He recommends buying all assets through a company to minimize taxes and liability. However, I know that most lenders will not give mortgages to LLCs or Corporations. I could be wrong about this though.
What do you all do? Is there a way to transfer ownership to an LLC/corporation after I buy a house? Or does this limit me to alternative lenders? What is the best approach to this?
Just want to be as smart as I can in going down this road.
Thanks so much in advance for any thoughts you have.
Nicholas