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Do Landlords Need an LLC for Rental Property?
https://www.biggerpockets.com/blog/purchasing-property-llc-why-how?utm_source=youtube&utm_medium=description&utm_campaign=none
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“Do I need an LLC for real estate investing?” If you’re buying your first rental property (or thinking about buying one), we bet you’ve asked this question. Some landlords tell you it’s a MUST, and if you don’t have an LLC, you’ll quickly lose all your personal assets to a lawsuit. Other investors have multiple rentals with NO LLC, stating its cost isn’t worth the benefit. If you’re asking, “SHOULD I start an LLC for real estate investing?” We’ve got the answers.
Ashley Kehr, host of the “Real Estate Rookie” podcast, is breaking down the pros and cons of LLCs, whether you should have one or not, how much an LLC costs, the requirements, and what to do if you don’t go the LLC route. If you have rentals but have never thought about an LLC, you NEED this information; not having it could cost you if you ever find yourself in a lawsuit!
00:00 LLCs for Real Estate Investing
00:58 Sponsor: Rent to Retirement!
01:49 What is an LLC?
03:19 Tracking Financials and Filing Taxes
04:04 Cost of an LLC
04:49 Do You NEED an LLC?
05:25 Financing and Getting Loans
07:26 Don’t Have an LLC? Do This NOW!
07:56 Yearly Compliance
08:44 Pros and Cons of LLCs
