350: Rookie Reply: How to Start an LLC for Real Estate Investing

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 21 December 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to know how to start an LLC for real estate? Whether you’re looking to form investing partnerships or avoid being sued, creating an LLC is one way to protect your personal name and assets. With that said, there are several factors to consider before setting one up! Welcome back to another Rookie Reply! Each week, our inbox is flooded with questions about LLCs, so we’re dedicating an entire episode to the topic! Tune in as Ashley and Tony share their own experiences with LLCs, their benefits, and issues you might encounter. You’ll learn about the requirements for LLCs, when to put multiple properties under one LLC, how to apply for bank financing, and how to take advantage of business credit cards! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover How to start an LLC for your real estate business Requirements you MUST meet to keep your LLC in “good standing” How to apply for bank financing as an LLC (and prevent a deal from falling through!) The hidden mortgage clause you NEED to know about Alternative asset protection strategies to consider for your real estate business The biggest differences between an LLC and umbrella insurance And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-350 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 350.
0:05.0	My name is Ashley Kerr and I'm here with my co-host Tony J Robinson.
0:10.0	And welcome to the real estate rookie podcast
0:12.0	where every week, twice a week we bring you the inspiration, motivation, and stories you need to hear to kick out your investing journey. And today we're talking about liability. We're talking about lawsuits. We're talking about how to protect
0:27.4	yourself as a real estate investor in all things LLCs.
0:31.1	One of the biggest questions that are asked on the BiggerPockets forums that are asked
0:36.2	in the Real Estate Rookie Facebook group that is asked on the Rookie YouTube channel that is submitted
0:42.2	to BiggerPockets.com slash reply. rookie YouTube channel that is submitted to bigger pockets
0:43.2	that com slash reply is do I need an LLC?
0:49.1	So this can be because you are starting a business,
0:51.9	you are buying a rental property, or maybe you already have property
0:55.8	and wondering if you're not going to be living there is your primary residence, if you need to transfer
1:00.4	it into an LLC. Today we are going to break down all of the elements and
1:06.4	all of the questions you should be asking yourself if you are going to consider
1:12.0	opening an LLC and if it's worth it for you or not.
1:15.0	Yeah, we're going to answer questions like do you need to have your LLC set up before you submit your offer?
1:19.0	What does financing look like for your LLCs, how many should you have?
1:23.3	So all things LLCs about investing in real estate.
1:26.6	Now, I just want to preface this episode by saying
1:28.7	that neither actually nor I are attorneys,
1:32.4	so don't take this as as legal advice. I think so go talk to
1:35.7	someone that knows your state that knows your local laws that can help you get
	...

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