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All Forum Posts by: Derrick Martens

Derrick Martens has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: Should I start an LLC

Derrick MartensPosted
  • Investor
  • Chicago, IL
  • Posts 1
  • Votes 0

Hello,

I just bought my first rental property here in Chicago. I originally was following the "BRRRR" model, but this condo unit is what you would call turn key. I got it for a great price in a neighborhood that is rapidly changing for the better. I also inherited two great renters who wish to stay and continue paying rent. My question is, should I form an LLC and have the renters make checks payable to my new company? Also, if so, does this mean I need a separate (from my personal account) bank account for my LLC? Thanks for all your help!!

Derrick Martens

0 Votes