All Forum Posts by: Brock Sheets

@Cameron Tope The goal is to grow this and make it my full career. After doing some research, it looks like a lot of folks recommend the LLC route. If that's the case, I figured you might as well start day 1 with an LLC. Do you find it easier to cross that bridge after you have a couple of assets?

I am in the early stages of buying my first rental property. I was recently approved by a lender and when I asked the lender about lending to the LLC, his reply was to just buy it in my name and transfer it to the LLC after closing.

When I spoke with an attorney in PA, he said that doesn't make sense for me because of the 2% transfer tax I would get hit with.

Does it make more sense to 1. try and register the LLC to a state that doesn't have that transfer tax? 2. Look for lenders who will lend to LLCs? or 3. abandoned the LLC and just get an umbrella policy for coverage?

I appreciate all and any feedback! Thanks!

I am in the early stages of buying my first rental property. I was recently approved by a lender and when I asked the lender about lending to the LLC, his reply was to just buy it in my name and transfer it to the LLC after closing.

When I spoke with an attorney in PA, he said that doesn't make sense for me because of the 2% transfer tax I would get hit with. 

Does it make more sense to 1. try and register the LLC to a state that doesn't have that transfer tax? 2. Look for lenders who will lend to LLCs? or 3. abandoned the LLC and just get an umbrella policy for coverage?

I appreciate all and any feedback! Thanks!

Brock