All Forum Posts by: Charquis M.

@Alan Rohrer Thank you so much for your concise and thorough answer! You answered my question exactly! 

I am curious as to why is there a liability issue for flipping and buy/hold under the same name?

@Raymond King you are welcome! Glad to know I am not alone in having many questions and concerns. I am going with Liability insurance as well.

Anyone have any recommendations for liability insurers? I have Geico homeowners now, but if there’s better please let me know.

@Dennis M. Thanks for your advice. If the llc will not save me more COCROI the  it’s not worth it to me.

@Tyler Work Thanks for asking that question. I am concerned about the limitations of the LLC as well as the added responsibility. So I would like to know why is beneficial tax wise if either way I will be taxed on any income?

Thanks @Steve Rozenberg and @Brian Corbett. I am a hands on type of person, but this is a new business for me and I want to minimize my risk. I will look for a manager or maybe an attorney that can safeguard my rental.

Is a property manager neccessary for one property that was once a home? I figure besides not wanting to deal with renters, what is the difference, if I have already managed it while living it ? @Brian Corbett

Thank you @Milton Rivera ! 

Many of you asked what are my goals. I want to eventually make a business of rental properties and flips as well. This is the very beginning, obvioulsy, so I am gathering as much information as possible. I also get a lot of advice thrown at me from people who have rentals. I asked the community of Biggerpockets because you all are the experts — you have been doing this and are obviously invested in the education and support of others!

Charquis

Thank you all for your advice! It was very helpful to see the reasons for the difference in opinions. @Account Closed !!!

Hello All,

My name is Charquis and I am in the process of purchasing a new home and turning my current home into my "first rental property." I have been told that I should form an LLC before gaining a renter? I am not sure if this is the best option for me financially. I don't make a lot of money, so real estate is my way of trying to secure my future and present. Should I form an LLC (in Baltimore, MD) for my first rental property?

Thanks in advance!