Rookie Reply: Do You NEED an LLC for Rental Property?
Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves?
Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash!
If you want Ashley and Tony to answer a real estate question, you can 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
What to do during a final property walkthrough and top questions to ask a seller before you close
Estoppel agreements and using them to verify leases on tricky properties
Rental property LLCs and when buying umbrella insurance makes more sense
When to ask for financials on a commercial property and using them to vet a deal
Stock portfolio loans and how to borrow against your assets to buy real estate
Partnering up to purchase more property even when you have no cash
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Real Estate Rookie YouTube channel
Connect with Ashley And Tony:
Ashley's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-248
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices