This is site is gold for real estate investing. I am glad it actually exist :D
I am very interest in real estate investing, i have been reading some books for real estate investing and it am so lost but still really curious about it. I have saved around 50K euros for down payment. I am looking to start with 150K price property single house. I have good credit score and planning to apply for mortgage very soon.
But i am confused with a lot of things.
I want to grow my portfolio with single family homes in the future, because i don't want to have just one rental property. So, that being said, i want to start with my first question.
1.Where should i put my properties, under my own name, under llc, under trust? I've read about LLC, and i think it cost a little bit more than having in own name or trust. But i am not sure how does trust even work,
- Should i start LLC or trust, before getting a property?
-If i go to LLC route or trust, how to structure this entity with more rental properties as i grow my portfolio?
2.How to protect my assets? And what is umbrella insurance? As far as i understand this protect the asset to 1MM. What is have more properties, should individual property have own umbrella insurance?
3.How would bank account be structure for rental properties?
- As much as i research people put individual property in own bank account
Something like.
-Deposit account,
-expenses account,
-operation account,
-maintenance account
-saving account for bad days
and 1 account for income from all properties. What bank structure you guys have? I really want to know how to approach this. First when starting out and then when getting more properties. I understand must be complicated.
Sorry if someone didn't understand. I learn english every day:D
