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Personal Finance (Not Investing) • When is the right time to creat an LLC for real estate?

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Hi guys,

I was looking for some guidance from the community. I currently own two apartments in NYC area as investment properties. I am renting in CT for now while I try to find a home I like and can afford.

I have had some people in my life tell me that I need to open an LLC for these investment properties. The main rationale I can gather for doing this, is that if a renter sues me they can only sue the LLC and not come after my other assets.

Is this the main reason people open LLCs for their investment properties? To protect other assets? Does an LLC provide any other major advantages? Does it max tax accounting easier? Is creating an LLC something I can just do myself or is it worthwhile to get a lawyer involved to help?

Do you regret opening an LLC? Anything you think a total newbie should know about an LLC?

Statistics: Posted by Bogle101 — Sun Sep 01, 2024 10:04 am — Replies 1 — Views 145



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